Q | T. Rowe Price

Strategy

Investment Objective

To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of frontier markets companies.

Investment Approach

Invest across the entire frontier investment universe, including countries outside the MSCI Frontier Markets Index.
Rigorous, risk-aware approach to identify quality growing companies trading at attractive valuations.
Employ fundamental analysis with a focus on returns, balance sheet structure, management team and corporate governance.
Disciplined approach to valuation. Verify relative valuation appeal versus peers and history.
Consider macroeconomic and political factors to temper bottom-up enthusiasm.

Portfolio Construction

Number of holdings: typically 60-80 stocks
Individual position sizes typically range from 0.5%-10%
Country Ranges:
- Index countries: Unconstrained
- Non-index countries: Constrained – 15% limit in any one country.
Reserves are typically less than 5%
Expected Turnover range: 20-40%

Performance (Class Q)

Annualised Performance

Calculated:

	1 YR	3 YR Annualised	5 YR Annualised	Since Inception Annualised	Since Manager Inception Annualised
Fund %	-1.69%	-3.55%	5.30%	1.58%	1.58%
Indicative Benchmark %	2.85%	0.48%	6.55%	0.80%	0.80%
Excess Return %	-4.54%	-4.03%	-1.25%	0.78%	0.78%

	1 YR	3 YR Annualised	5 YR Annualised	Since Inception Annualised
Fund %	-1.69%	-3.55%	5.30%	1.58%
Indicative Benchmark %	2.85%	0.48%	6.55%	0.80%
Excess Return %	-4.54%	-4.03%	-1.25%	0.78%

Recent Performance

	Month to DateData as of 15-Jan-2021	Quarter to DateData as of 15-Jan-2021	Year to DateData as of 15-Jan-2021	1 MonthData as of 31-Dec-2020	3 MonthsData as of 31-Dec-2020
Fund %	6.05%	6.05%	6.05%	5.93%	13.87%
Indicative Benchmark %	3.43%	3.43%	3.43%	5.71%	12.39%
Excess Return %	2.62%	2.62%	2.62%	0.22%	1.48%

Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. 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. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

Index returns shown with reinvestment of dividends after the deduction of withholding taxes.

Effective 1 July 2018, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.

Effective 1 January 2020, the benchmark for the sub-fund changed to MSCI Frontier Markets 10/40 Index Net. Prior to this change, the benchmark was MSCI Frontier Markets Index Net. Historical benchmark representations have not been restated.

30-Nov-2020 - Oliver Bell, Portfolio Manager ,

Frontier markets posted solid gains in November but underperformed their global developed and emerging peers. Global equities surged early in the month as uncertainty around the outcome of the U.S. presidential election abated. Investors were further enthused after Pfizer announced that preliminary data showed that the coronavirus vaccine candidate it had developed in partnership with Germany’s BioNTech was over 90% effective in preventing infections—a level well above expectations. Subsequent positive vaccine announcements by other developers boosted sentiment too. Within the portfolio, stock selection in Vietnam was the single biggest contributor to relative performance, while our choice of securities in Morocco, Slovenia, and Kazakhstan was also beneficial. In Vietnam, our off-benchmark holding in Mobile World Investment, an electronics retailer, worked in our favour as investors continued to be encouraged by recent statements from the management team highlighting that the company is performing well given the current environment. Mobile World Investment is now expanding into food retail stores, which are taking market share from traditional wet markets on a national scale. In contrast, stock selection in Sri Lanka held back returns, while our avoidance of Nigeria and underweight in Romania also hurt.

Holdings

Total
Holdings

Largest Holding Mobile World Investment 6.49% Was (30-Sep-2020) 5.45%

Other View Full Holdings Quarterly data as of 31-Dec-2020

Top 10 Holdings 45.54% View Top 10 Holdings Monthly data as of 31-Dec-2020

Largest Top Contributor^

Mobile World Investment

By 0.33%

% of fund 6.51%

Largest Top Detractor^

Equity Group Holdings

By -0.64%

% of fund 1.52%

Top Purchase

Vietnam Dairy Products (N)

5.22%

Was (30-Sep-2020) 0%

Top Sale

Kuwait Finance House KSCP (E)

0.00%

Was (30-Sep-2020) 9.47%

30-Sep-2020 - Oliver Bell, Portfolio Manager ,

We identified compelling investment opportunities in Kenya and Egypt. We further reduced our overweight exposure to Sri Lanka and Saudi Arabia. On a sector basis, we made some changes within financials.

Kenya and Egypt

We identified a number of what we believe are compelling investment opportunities in some of the smaller frontier markets, such as Kenya and Egypt.

We continued building a position in Safaricom, Kenya's leading mobile operator. Service revenue growth remains positive, and the company is benefiting from growth in mobile data and the ongoing take-up of M-Pesa, a messaging, payments, and microfinancing app, across the country. We expect additional upside for the stock from the M-Pesa rollout into Africa (with Vodacom) and a special dividend in 2021.
We initiated a position in Egyptian digital payment business Fawry. Fawry's digital payments business in volume terms exceeds all the other competition combined. This part state-owned payments platform is core to over 26 million consumers wishing to pay for airtime and government bills through a large merchant network. While the core is still growing at a high growth rate, it is the new, higher-margin supply chain, banking services, and microfinance services that are accelerating bottom-line growth. After the pandemic is over, we expect digital payments to continue accelerating in Egypt.

Sri Lanka

Over the course of the second quarter of 2020, we reduced our overweight position in Sri Lanka, and in the third quarter, we continued this shift.

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We sold down our position in Ceylon Cold Stores, a Sri Lankan consumer staples group that manufactures and sells carbonated soft drinks and frozen confectionery food products. The pandemic has been extremely damaging to Sri Lanka's economy. The country entered this crisis with an already very high debt-to-GDP ratio and significant costs of servicing that debt. While the company's long-term outlook remains promising in its underpenetrated segments (ice cream, beverages, and grocery retail), the pandemic is proving to be a bigger-than-expected headwind to its supposed defensive categories due to the severe lockdown in Sri Lanka.

Saudi Arabia

We have a modest overweight position in Saudi Arabia, and over the course of the quarter, we slightly reduced the extent of our exposure, largely due to stock-specific reasons. For example, we reduced our holding in hospital group Al Mouwasat Medical, in part due to profit taking as valuations began to look full. Over the near term, the challenging macroeconomic backdrop is expected to be a headwind, and opening costs of new hospitals are likely to weigh on profits. Looking further ahead, we believe the company is well positioned to continue gaining market share as expansion projects are completed.

Financials

As the third quarter began, the portfolio had a significant overweight in financials names, and over the course of the review period, we adjusted this exposure. For example, we increased the size of our existing holding in Bank of Georgia and, to a lesser extent, in Bangladesh-based BRAC Bank. These purchases were partially funded through reducing our exposure to a couple of Kuwait-based financials names.

We topped up our position in Bank of Georgia. The country has managed to keep the spread of COVID-19, the disease caused by the coronavirus, fairly contained, and government stimulus should help to support the economy through this challenging period. Looking further ahead, tourism could be a source of upside, after being written down completely in 2020. We believe that the stock's valuation offers upside potential and several factors may boost the stock. In the medium term, efficiency gains may result from the digital push the bank has pursued as a result of the pandemic.
We took some profits in National Bank of Kuwait ahead of Kuwait's upgrade to emerging markets status by MSCI. The bank remains a very strong and defensively positioned franchise for this environment; however, we are likely to see ROE contraction in 2020 and 2021. We see the longer-term potential for this high-quality franchise, which continues to gain market share.
We continued to further reduce our position in Kuwait Finance House, again partly due to the upcoming migration of Kuwait to the MSCI Emerging Markets index. Over the period, there was speculation that the planned merger with Bahrain's Ahli United Bank was back on track. This was previously delayed on account of government measures to contain the spread of the coronavirus. As with other banks in the region, the combination of the COVID-19 pandemic and lower oil prices is likely to weigh on the stock in the near term.

Materials

Although the portfolio retained an overall underweight position in materials over the course of the review period, we raised our exposure to Kaz Minerals, the copper producer that owns assets located in Kazakhstan. The company stands to benefit from a rising price of copper. This should be supported by both growing demand from China as manufacturing picks up and reduced production in Chile. The company's half-year results were broadly in line with expectations and key projects remain on track.

Sectors

Total
Sectors

Largest Sector Financials 35.54% Was (30-Nov-2020) 31.21%

Other View complete Sector Diversification

Top Contributor^

Financials

Net Contribution 2.76%

Sector

-0.18%

Selection 2.94%

Top Detractor^

Materials

Net Contribution -1.74%

Sector

-1.79%

Selection

0.05%

Largest Overweight

Information Technology

By14.44%

Fund 14.44%

Indicative Benchmark 0.00%

Largest Underweight

Materials

By-8.87%

Fund 0.00%

Indicative Benchmark 8.87%

30-Nov-2020 - Oliver Bell, Portfolio Manager ,

Over the course of November, the portfolio moved from a significant overweight with respect to financials, to an underweight position. This was the result of us eliminating our exposure to two large positions in Kuwait, ahead of the country’s upgrade to emerging markets status by MSCI and its removal from the frontier markets index. Following this shift, the portfolio’s main overweight sectors are information technology and consumer discretionary. In contrast, our most significant underweight positions are in materials, communication services, and real estate.

Regions

Total
Regions

Largest Region Pacific Ex Japan 47.44% Was (30-Nov-2020) 39.66%

Other View complete Region Diversification

Top Contributor^

EM EMEA

Net Contribution 2.23%

Region

0.61%

Selection 1.62%

Top Detractor^

Pacific ex Japan

Net Contribution -0.45%

Region

0.89%

Selection

-1.34%

Largest Overweight

Pacific Ex Japan

By15.49%

Fund 47.44%

Indicative Benchmark 31.95%

Largest Underweight

Middle East & Africa

By-24.19%

Fund 23.52%

Indicative Benchmark 47.71%

Countries

Total
Countries

Largest Country Vietnam 36.11% Was (30-Nov-2020) 31.72%

Other View complete Country Diversification

Top Contributor^

Bahrain

Net Contribution 0.87%

Country

0.87%

Selection 0.00%

Top Detractor^

Nigeria

Net Contribution -0.96%

Country

-0.96%

Selection

0.00%

Largest Overweight

Vietnam

By7.85%

Fund 36.11%

Indicative Benchmark 28.27%

Largest Underweight

Bahrain

By-7.99%

Fund 0.00%

Indicative Benchmark 7.99%

30-Nov-2020 - Oliver Bell, Portfolio Manager ,

At the end of the month, we sold out of the portfolio’s exposure to Kuwait due to the country’s upgrade to emerging markets status by MSCI and its removal from the frontier markets index. We redeployed the proceeds of these sales into frontier markets where we see opportunities, such as Vietnam (we invested in a number of companies including a dairy company and a bank), Kazakhstan, Bangladesh, and Kenya (where we increased the size of our existing position in a mobile network operator).

Team (As of 15-Jan-2021)

Johannes Loefstrand
Portfolio Manager

Johannes Loefstrand is the Co-Portfolio Manager on the Frontier Markets Fund in the Equity Division of T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Johannes’s investment experience began in 2012 and he has been with T. Rowe Price since 2015, beginning in the Emerging Markets Equity Division. Prior to this, he was an investment analyst at Arisaig Partners in Singapore and in Cape Town.

Johannes earned a master of laws degree from the London School of Economics and a bachelor of laws degree from the University of Groningen, Netherlands.

Fund manager
since
2020
Years at
T. Rowe Price
5
Years investment
experience
0

Fee Schedule

Share Class	Minimum Initial Investment and Holding Amount (USD)	Minimum Subsequent Investment (USD)	Minimum Redemption Amount (USD)	Sales Charge (up to)	Investment Management Fee (up to)	Ongoing Charges
Class A	$1,000	$100	$100	5.00%	200 basis points	2.17%
Class I	$2,500,000	$100,000	$0	0.00%	110 basis points	1.20%
Class Q	$1,000	$100	$100	0.00%	110 basis points	1.27%
Class S	$10,000,000	$0	$0	0.00%	0 basis points	0.10%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

Portfolio Characteristics

as of 31-Dec-2020

Characteristic	Fund	Benchmark
Projected Earnings Growth Rate (IBES)	14.6%	9.4%
Price to Earnings (Current Fiscal Year)	19.2x	19.0x
Return on Equity (Current Fiscal Year)	16.3%	14.3%
Price to Book	2.5x	2.2x
Investment Weighted Median Market Cap (USD mm)	2,331	4,210
Investment Weighted Average Market Cap (USD mm)	4,139	6,203
Number of Issuers	51	78
Top 20 Holdings as % of Total	69.7%	61.7%
Portfolio Holdings Turnover (12 Months)	52.4%	N/A
Percent of Portfolio in Cash	1.1%	0.0%
Active Share Percentage	72.02%	N/A

Statistics are Investment Weighted Median unless otherwise noted.

These statistics are based on the portfolio's underlying holdings and are not a projection of future portfolio performance. Actual results may vary.

Risks

The following risks are materially relevant to the fund (refer to prospectus for further details):

Capital risk
Currency risk
Emerging markets risk
Equity risk
Frontier markets risk
Geographic concentration risk
Hedging risk
Investment fund risk
Management risk
Market risk
Operational risk
Sector concentration risk
Small and mid-cap risk

Risk/Return Characteristics

as of 31-Dec-2020

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	-1.16%	0.00%
Beta	1.04	1.00
R-Squared	0.91	1.00
Annualized Std. Deviation	16.73%	15.43%
Information Ratio	-0.25	0.00
Sharpe Ratio	0.25	0.35
Tracking Error	5.02%	0.00%

Past performance is not a reliable indicator of future performance.

Statistics based on monthly net returns of the Fund's Class I shares.

Returns shown with reinvestment of dividends after the deduction of withholding taxes.

Calendar Year Performance

2014^	2015	2016	2017	2018	2019	2020
-2.70%	-12.02%	9.93%	31.24%	-20.24%	14.42%	-1.69%	Fund
-10.34%	-14.46%	2.66%	31.86%	-16.41%	17.99%	2.85%	Indicative Benchmark
7.64%	2.44%	7.27%	-0.62%	-3.83%	-3.57%	-4.54%	Value added

Fund
Indicative Benchmark

Purchases - 10 Largest (31-Dec-2020)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Vietnam Dairy Products (N)	5.22%	5.22%	Food Products	Vietnam
Safaricom	6.18%	2.68%	Wireless Telecommunication Services	Kenya
BRAC Bank	3.69%	1.40%	Banks	Bangladesh
Halyk Savings Bank of Kazakhstan	3.11%	1.10%	Banks	Kazakhstan
Banca Transilvania	4.01%	0.47%	Banks	Romania
Bank for Foreign Trade of Vietnam	2.62%	1.49%	Banks	Vietnam
EPAM Systems (N)	1.71%	1.71%	IT Services	United States
Nova Ljubljanska Banka dd	3.39%	2.20%	Banks	Slovenia
BRD-Groupe Societe Generale (N)	1.41%	1.41%	Banks	Romania
Fondul Proprietatea	2.13%	1.31%	Trusts & Mutual Funds	Romania

(N) New Position.

30-Sep-2020 - Oliver Bell, Portfolio Manager ,

We continued building a position in Safaricom, Kenya's leading mobile operator. Service revenue growth remains positive, and the company is benefiting from growth in mobile data and the ongoing take-up of M-Pesa, a messaging, payments, and microfinancing app, across the country. We expect additional upside for the stock from the M-Pesa rollout into Africa (with Vodacom) and a special dividend in 2021.
We initiated a position in Egyptian digital payment business Fawry. Fawry's digital payments business in volume terms exceeds all the other competition combined. This part state-owned payments platform is core to over 26 million consumers wishing to pay for airtime and government bills through a large merchant network. While the core is still growing at a high growth rate, it is the new, higher-margin supply chain, banking services, and microfinance services that are accelerating bottom-line growth. After the pandemic is over, we expect digital payments to continue accelerating in Egypt.
We topped up our position in Bank of Georgia. The country has managed to keep the spread of COVID-19, the disease caused by the coronavirus, fairly contained, and government stimulus should help to support the economy through this challenging period. Looking further ahead, tourism could be a source of upside, after being written down completely in 2020. We believe that the stock's valuation offers upside potential and several factors may boost the stock. In the medium term, efficiency gains may result from the digital push the bank has pursued as a result of the pandemic.
We took some profits in National Bank of Kuwait ahead of Kuwait's upgrade to emerging markets status by MSCI. The bank remains a very strong and defensively positioned franchise for this environment; however, we are likely to see ROE contraction in 2020 and 2021. We see the longer-term potential for this high-quality franchise, which continues to gain market share.
We continued to further reduce our position in Kuwait Finance House, again partly due to the upcoming migration of Kuwait to the MSCI Emerging Markets index. Over the period, there was speculation that the planned merger with Bahrain's Ahli United Bank was back on track. This was previously delayed on account of government measures to contain the spread of the coronavirus. As with other banks in the region, the combination of the COVID-19 pandemic and lower oil prices is likely to weigh on the stock in the near term.

Sales - 10 Largest (31-Dec-2020)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Kuwait Finance House KSCP (E)	0.00%	-9.47%	Banks	Kuwait
National Bank of Kuwait (E)	0.00%	-9.59%	Banks	Kuwait
Military Commercial Joint Stock Bank	3.54%	-1.87%	Banks	Vietnam
Agility (E)	0.00%	-2.77%	Air Freight & Logistics	Kuwait
Gulf Bank (E)	0.00%	-2.80%	Banks	Kuwait
Asia Commercial Bank/Vietnam	2.04%	-1.70%	Banks	Vietnam
Banca Transilvania	4.01%	0.47%	Banks	Romania
Label Vie	2.34%	-0.99%	Food & Staples Retailing	Morocco
Mabanee Co SAK (E)	0.00%	-1.39%	Real Estate Management & Development	Kuwait
Boubyan Bank (E)	0.00%	-1.08%	Banks	Kuwait

(E) Eliminated.

Major Purchases/Sales represent the highest to lowest total cost (purchases) and proceeds (sales) for the time period indicated.

The information shown does not reflect any ETFs that may be held in the portfolio.

Contributors (31-Dec-2020)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Military Commercial Joint Stock Bank	3.54%	Banks	Vietnam
Attijariwafa Bank	4.33%	Banks	Morocco
Mobile World Investment	6.51%	Specialty Retail	Vietnam
Phu Nhuan Jewelry JSC	3.29%	Textiles, Apparel & Luxury Goods	Vietnam
FPT	5.42%	IT Services	Vietnam

30-Jun-2020 - Oliver Bell, Portfolio Manager ,

Against this backdrop, the portfolio outperformed due to strong stock selection on both a country and a sector basis.

An overweight position and stock selection in Vietnam was beneficial, as was our avoidance of Bahrain. However, our off-benchmark exposure to Rwanda dragged.

Sector-wise, our financial stock picks added the most value, while the choice of securities in consumer staples was unfavorable.

Detractors (31-Dec-2020)

Detractors	% of Fund	Industry	Country
National Bank of Kuwait	0.00%	Banks	Kuwait
Mabanee Co SAK	0.00%	Real Estate Management & Development	Kuwait
Gulf Bank	0.00%	Banks	Kuwait
Lion Brewery Ceylon	0.00%	Beverages	Sri Lanka
Equity Group Holdings	1.52%	Banks	Kenya

The information shown does not reflect any ETFs that may be held in the portfolio.

N/A indicates Not Available.

Holdings (31-Dec-2020)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares	Sector	Industry	Country
Mobile World Investment	6.49%	1.04	$6,470,184.37	1,197,095	Consumer Discretionary	Specialty Retail	Vietnam
Safaricom	6.21%	2.71	$6,189,097.21	19,750,900	Communication Services	Wireless Telecommunication Services	Kenya
FPT	5.41%	1.10	$5,386,799.25	2,014,218	Information Technology	IT Services	Vietnam
Vietnam Dairy Products	5.20%	N/A	$5,181,839.10	1,105,890	Consumer Staples	Food Products	Vietnam
Attijariwafa Bank	4.35%	0.44	$4,335,689.90	91,050	Financials	Banks	Morocco
Banca Transilvania	4.02%	0.49	$4,010,079.78	7,085,037	Financials	Banks	Romania
BRAC Bank	3.64%	1.34	$3,625,739.73	6,936,485	Financials	Banks	Bangladesh
Military Commercial Joint Stock Bank	3.53%	-1.89	$3,514,736.20	3,548,378	Financials	Banks	Vietnam
Nova Ljubljanska Banka dd	3.41%	2.22	$3,399,034.74	307,815	Financials	Banks	Slovenia
Phu Nhuan Jewelry JSC	3.28%	0.63	$3,269,307.49	908,233	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Vietnam
Halyk Savings Bank of Kazakhstan	3.12%	1.10	$3,105,330.80	266,552	Financials	Banks	Kazakhstan
Nam Long Investment	2.94%	0.06	$2,930,418.59	2,292,151	Real Estate	Real Estate Management & Development	Vietnam
Bank for Foreign Trade of Vietnam	2.61%	1.49	$2,603,563.52	617,510	Financials	Banks	Vietnam
Helios Towers	2.50%	0.38	$2,492,497.32	1,192,655	Communication Services	Diversified Telecommunication Services	United Kingdom
NAC Kazatomprom JSC	2.38%	0.87	$2,367,054.00	131,503	Energy	Oil, Gas & Consumable Fuels	Kazakhstan
Label Vie	2.35%	-0.98	$2,339,434.99	6,498	Consumer Staples	Food & Staples Retailing	Morocco
Vincom Retail JSC	2.24%	1.07	$2,232,023.58	1,650,549	Real Estate	Real Estate Management & Development	Vietnam
Fondul Proprietatea	2.14%	1.31	$2,131,212.21	5,835,820	Trusts & Funds	Trusts & Mutual Funds	Romania
Asia Commercial Bank/Vietnam	2.03%	-1.71	$2,024,350.15	1,624,575	Financials	Banks	Vietnam
Hightech Payment Systems	1.89%	1.02	$1,886,768.00	2,584	Information Technology	IT Services	Morocco
Vietnam Prosperity JSC Bank	1.88%	0.97	$1,874,464.67	1,339,218	Financials	Banks	Vietnam
EPAM Systems	1.71%	N/A	$1,702,820.07	4,767	Information Technology	IT Services	United States
Fawry for Banking & Payment Tech Ser SAE	1.67%	0.47	$1,665,904.23	781,653	Information Technology	IT Services	Egypt
Marel HF	1.66%	0.94	$1,651,082.42	266,919	Industrials & Business Services	Machinery	Iceland
Integrated Diagnostics Holdings	1.64%	N/A	$1,630,090.00	1,481,900	Health Care	Health Care Providers & Services	Egypt
Ceylon Cold Stores	1.53%	0.51	$1,521,411.67	401,226	Consumer Staples	Beverages	Sri Lanka
Equity Group Holdings	1.52%	-0.29	$1,517,699.12	4,538,564	Financials	Banks	Kenya
BRD-Groupe Societe Generale	1.41%	N/A	$1,408,103.32	376,561	Financials	Banks	Romania
Network International Holdings	1.39%	0.32	$1,384,479.63	310,343	Information Technology	IT Services	United Arab Emirates
Georgia Capital	1.29%	0.65	$1,287,204.33	174,512	Financials	Capital Markets	United Kingdom
Endava	1.27%	N/A	$1,263,426.00	16,600	Information Technology	IT Services	United Kingdom
Bank Of Georgia	1.21%	-0.42	$1,202,132.57	72,138	Financials	Banks	Georgia
Marico Bangladesh	1.17%	-0.08	$1,170,510.04	46,409	Consumer Staples	Personal Products	Bangladesh
Systems	1.10%	N/A	$1,097,181.72	419,300	Information Technology	IT Services	Pakistan
Converge ICT Solutions	0.88%	N/A	$879,639.68	2,836,100	Communication Services	Diversified Telecommunication Services	Philippines
Alicorp SAA	0.71%	N/A	$704,497.20	357,573	Consumer Staples	Food Products	Peru
InRetail Peru	0.66%	N/A	$661,772.70	16,839	Consumer Staples	Food & Staples Retailing	Peru
Yoma Strategic Holdings	0.57%	0.20	$572,352.91	2,605,633	Real Estate	Real Estate Management & Development	Singapore
Vodacom Tanzania	0.55%	-0.00	$550,986.39	2,390,744	Communication Services	Wireless Telecommunication Services	Tanzania
Mouwasat Medical Services	0.52%	-0.21	$521,488.44	14,179	Health Care	Health Care Providers & Services	Saudi Arabia
Philippine Seven	0.51%	N/A	$510,436.35	204,350	Consumer Staples	Food & Staples Retailing	Philippines
Singer Bangladesh	0.51%	-0.03	$506,274.12	244,433	Consumer Discretionary	Household Durables	Bangladesh
Airports Corp of Vietnam JSC	0.50%	N/A	$498,118.08	142,800	Industrials & Business Services	Transportation Infrastructure	Vietnam
Habib Bank	0.49%	-0.57	$485,349.09	587,692	Financials	Banks	Pakistan
Cairo Investment & Real Estate Dev Co	0.48%	N/A	$473,803.31	508,661	Consumer Discretionary	Diversified Consumer Services	Egypt
Nestle Pakistan	0.47%	-0.18	$466,745.19	11,220	Consumer Staples	Food Products	Pakistan
United Bank	0.46%	-0.11	$455,356.03	579,467	Financials	Banks	Pakistan
Vivo Energy	0.43%	0.05	$424,869.99	365,939	Consumer Discretionary	Specialty Retail	United Kingdom
Bk	0.40%	-0.29	$395,835.90	2,190,626	Financials	Banks	Rwanda
East African Breweries	0.38%	-0.21	$375,675.66	266,200	Consumer Staples	Beverages	Kenya
Standard Chartered Bank Zambia	0.17%	-0.01	$173,869.54	3,886,002	Financials	Banks	Zambia

N/A indicates Not Available.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Sector Diversification (31-Dec-2020)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Information Technology	14.44%	0.00%
Consumer Discretionary	11.18%	0.26%
Trusts & Funds	2.14%	0.00%
Consumer Staples	12.98%	12.24%
Financials	35.54%	34.90%
Industrials & Business Services	2.16%	3.28%
Utilities	0.00%	2.44%
Energy	2.38%	5.10%
Health Care	2.16%	5.12%
Communication Services	10.15%	15.43%
Real Estate	5.75%	12.35%
Materials	0.00%	8.87%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Sector Attribution - Top and Bottom Five by Total Value Added (31-Dec-2020)

Representative Portfolio vs Benchmark
Data as of:

Sector	Total Value Added %	Value from SectorWeight %	Value from Stock Selection %
Financials	2.76%	-0.18%	2.94%
Information Technology	1.34%	1.34%	0.00%
Consumer Discretionary	0.59%	2.58%	-1.99%
Energy	0.19%	-0.07%	0.26%
Industrials & Business Services	0.15%	0.04%	0.10%
Utilities	-0.06%	-0.06%	0.00%
Communication Services	-0.10%	0.02%	-0.12%
Consumer Staples	-0.38%	-0.02%	-0.35%
Real Estate	-0.42%	-0.16%	-0.26%
Materials	-1.74%	-1.79%	0.05%
Total	2.10%	1.38%	0.72%

Numbers may not add to 100% due to rounding; all numbers are percentages.

Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees.

30-Sep-2020 - Oliver Bell, Portfolio Manager ,

Kenya and Egypt

We identified a number of what we believe are compelling investment opportunities in some of the smaller frontier markets, such as Kenya and Egypt.

We continued building a position in Safaricom, Kenya's leading mobile operator. Service revenue growth remains positive, and the company is benefiting from growth in mobile data and the ongoing take-up of M-Pesa, a messaging, payments, and microfinancing app, across the country. We expect additional upside for the stock from the M-Pesa rollout into Africa (with Vodacom) and a special dividend in 2021.
We initiated a position in Egyptian digital payment business Fawry. Fawry's digital payments business in volume terms exceeds all the other competition combined. This part state-owned payments platform is core to over 26 million consumers wishing to pay for airtime and government bills through a large merchant network. While the core is still growing at a high growth rate, it is the new, higher-margin supply chain, banking services, and microfinance services that are accelerating bottom-line growth. After the pandemic is over, we expect digital payments to continue accelerating in Egypt.

Sri Lanka

Over the course of the second quarter of 2020, we reduced our overweight position in Sri Lanka, and in the third quarter, we continued this shift.

�

Saudi Arabia

Financials

We topped up our position in Bank of Georgia. The country has managed to keep the spread of COVID-19, the disease caused by the coronavirus, fairly contained, and government stimulus should help to support the economy through this challenging period. Looking further ahead, tourism could be a source of upside, after being written down completely in 2020. We believe that the stock's valuation offers upside potential and several factors may boost the stock. In the medium term, efficiency gains may result from the digital push the bank has pursued as a result of the pandemic.
We took some profits in National Bank of Kuwait ahead of Kuwait's upgrade to emerging markets status by MSCI. The bank remains a very strong and defensively positioned franchise for this environment; however, we are likely to see ROE contraction in 2020 and 2021. We see the longer-term potential for this high-quality franchise, which continues to gain market share.
We continued to further reduce our position in Kuwait Finance House, again partly due to the upcoming migration of Kuwait to the MSCI Emerging Markets index. Over the period, there was speculation that the planned merger with Bahrain's Ahli United Bank was back on track. This was previously delayed on account of government measures to contain the spread of the coronavirus. As with other banks in the region, the combination of the COVID-19 pandemic and lower oil prices is likely to weigh on the stock in the near term.

Materials

Country Diversification (31-Dec-2020)

Monthly as of:

Country Diversification	% of Fund	% of Indicative Benchmark
Vietnam	36.11%	28.27%
United Kingdom	5.49%	0.00%
Egypt	3.78%	0.00%
Bangladesh	5.32%	2.44%
Pakistan	2.51%	0.00%
Kazakhstan	5.49%	3.32%
United States	1.71%	0.00%
Iceland	1.66%	0.00%
Philippines	1.39%	0.00%
United Arab Emirates	1.39%	0.00%
Peru	1.37%	0.00%
Georgia	1.21%	0.00%
Singapore	0.57%	0.00%
Tanzania	0.55%	0.00%
Saudi Arabia	0.52%	0.00%
Rwanda	0.40%	0.00%
Sri Lanka	1.53%	1.25%
Zambia	0.17%	0.00%
Cote d Ivoire	0.00%	0.20%
Romania	7.58%	8.03%
Kenya	8.11%	8.67%
Estonia	0.00%	0.59%
Jordan	0.00%	0.69%
Lithuania	0.00%	0.89%
Slovenia	3.41%	4.75%
Lebanon	0.00%	2.26%
Mauritius	0.00%	2.29%
Croatia	0.00%	2.38%
Morocco	8.59%	13.82%
Bahrain	0.00%	7.99%

A maximum of 30 largest countries are displayed.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Country Attribution - Top and Bottom Five by Total Value Added (31-Dec-2020)

Representative Portfolio vs Benchmark
Data as of:

Country	Total Value Added %	Value from CountryWeight %	Value from Stock Selection %
Bahrain	0.87	0.87	0.00
Morocco	0.44	0.00	0.43
United Kingdom	0.43	0.43	0.00
Georgia	0.41	0.41	0.00
Jordan	0.40	0.40	0.00
Senegal	-0.10	-0.10	0.00
Romania	-0.13	-0.13	0.01
Sri Lanka	-0.15	-0.03	-0.12
Bangladesh	-0.43	0.02	-0.45
Nigeria	-0.96	-0.96	0.00
Total	2.10	2.78	-0.68

Numbers may not add to 100% due to rounding; all numbers are percentages.

Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees.

30-Sep-2015 - , ,

At the country level, the underperformance can be attributed to allocation as stock selection was positive for performance.

Nigeria weighed the most on relative performance, largely as a result of our significant underweight to the country and a strong and unexpected rally in Nigerian stocks in September. It was a similar story in Morocco. We are underweight this small and relatively illiquid market, and it was one of the better performers in the index this quarter. We do not own Maroc Telecom and its share price moved ahead, while our off-benchmark holding in Brasseries Du Maroc, Morocco’s number one beer producer, slipped back ahead of the cancellation of a month-long beer festival.

Off-index investments in South Africa were another cause of underperformance, as the resource- and mining-heavy constituent fell back on the dip in commodity prices. Our position in mobile company MTN led declines with its shares driven down by a profit warning issued in late July. We sold out of our position in the quarter.

Meanwhile, countries making a positive contribution to performance were led by Kazakhstan. All of the relative outperformance from this positon came from allocation, as we have a zero weight in the country; it was overwhelmingly the weakest country in the index on the back of a plunge in commodity prices.

Region Diversification (31-Dec-2020)

Monthly as of:

Region Diversification	% of Fund	% of Indicative Benchmark
Pacific Ex Japan	47.44%	31.95%
Europe	24.83%	20.34%
North America	1.71%	0.00%
Latin America	1.37%	0.00%
Middle East & Africa	23.52%	47.71%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Region Attribution - (31-Dec-2020)

Representative Portfolio vs Benchmark
Data as of:

Region	Total Value Added %	Value from RegionWeight %	Value from Stock Selection %
EM EMEA	2.23	0.61	1.62
Developed Europe	0.44	0.44	0.00
United States	0.10	0.10	0.00
Latin America	0.00	0.00	0.00
Pacific ex Japan	-0.45	0.89	-1.34
Total	2.10	1.82	0.28

Numbers may not add to 100% due to rounding; all numbers are percentages.

Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees.

Indicative Benchmark Data Source: MSCI. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Daily performance data is based on the latest available NAV. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

Please note that no management fees are charged to the S and J share classes. No administration agent fees are charged to the J class. Fee arrangements for the S and J classes are made directly with the investment manager. Please see the prospectus for further information.

Effective 1 January 2021, Johannes Loefstrand assumed sole portfolio management responsibility for the Frontier Markets Equity Fund.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

First Independent Fund Services Ltd, Klausstrasse 33, CH-8008 Zurich is Representative in Switzerland. Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich is the Paying Agent in Switzerland.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class. The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Net Asset figure applies to all share classes.

Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.

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

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.

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3YR Return Annualised (View Total Returns)

Total Assets (USD)

1YR Return (View Total Returns)

Manager Tenure

Information Ratio (5 Years)

Tracking Error (5 Years)

Other Literature

Strategy

Investment Objective

Investment Approach

Portfolio Construction

Performance (Class Q)

Annualised Performance

Recent Performance

Holdings

TotalHoldings

Largest Top Contributor^

Mobile World Investment

Largest Top Detractor^

Equity Group Holdings

Top Purchase

Vietnam Dairy Products (N)

Top Sale

Kuwait Finance House KSCP (E)

Kenya and Egypt

Sri Lanka

Saudi Arabia

Financials

Materials

Sectors

TotalSectors

Top Contributor^

Financials

Top Detractor^

Materials

Largest Overweight

Information Technology

Largest Underweight

Materials

Regions

TotalRegions

Top Contributor^

EM EMEA

Top Detractor^

Pacific ex Japan

Largest Overweight

Pacific Ex Japan

Largest Underweight

Middle East & Africa

Countries

TotalCountries

Top Contributor^

Bahrain

Top Detractor^

Nigeria

Largest Overweight

Vietnam

Largest Underweight

Bahrain

Team (As of 15-Jan-2021)

Johannes LoefstrandPortfolio Manager

Fee Schedule

Portfolio Characteristics

Risks

Risk/Return Characteristics

Calendar Year Performance

Monthly Performance (Class Q)

Purchases - 10 Largest (31-Dec-2020)

Sales - 10 Largest (31-Dec-2020)

Contributors (31-Dec-2020)

Detractors (31-Dec-2020)

Holdings (31-Dec-2020)

Sector Diversification (31-Dec-2020)

Sector Attribution - Top and Bottom Five by Total Value Added (31-Dec-2020)

GIPS^® Information

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

1YR Return
(View Total Returns)

Information Ratio
(5 Years)

Tracking Error
(5 Years)

Total
Holdings

Total
Sectors

Total
Regions

Total
Countries

Johannes Loefstrand
Portfolio Manager