I | T. Rowe Price

Strategy

Manager's Outlook

Africa and Middle Eastern markets continue to gain ground, bolstered by a recovery in regional growth and meaningful country-specific improvements. After a challenging few months for African markets, valuations look especially attractive and a busy electoral calendar presents catalysts for a speed up in orthodox policymaking.

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Oil prices have made some recovery. But more importantly, regional economies are better positioned to navigate what may be continued oil price volatility, and we are encouraged by policymakers' attempts to cut subsidies to fuel, electricity, and gas as part of fiscal consolidation plans.

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The growth environment in South Africa remains weak, but we see a steady stream of catalysts from here following May's positive election outcome. Fundamentals have troughed and domestic companies serve up particularly attractive risk/reward profiles. Longer term, we believe President Ramaphosa has the ability to drive significant change that will reverse a decade of economic demise, and many corporates should benefit from this new dawn.

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In West Africa, Nigeria is emerging from a two-year recession and offers attractive valuations. The naira is at a more appropriate level, the price of oil is recovering alongside better oil production, and the security situation has improved. However, fragilities remain, and we need to see a stronger focus on economic progress during President Buhari's second term.

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In the Middle East, the long-term outlook for Saudi Arabia's market continues to improve and we remain positive about opportunities here, watching for solid execution of Saudi's "national transformation plan." As testament to improvements, Saudi has been the subject of MSCI's review process and will finalize its move to the MSCI Emerging Markets Index in August. Kuwait is also attracting MSCI's interest as it enacts some progressive capital market reform. Elsewhere, the UAE is offering up some compelling risk/rewards, with Dubai's diversified economy and steady GDP a bright spot.

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Overall, the outlook for the Africa and Middle East region remains robust, driven by some of the world's most attractive demographics, rising urbanization and levels of infrastructure investment, and a strong asset base in natural resources. While many emerging markets are undergoing a growth slowdown, several African and Middle Eastern countries are undergoing an improvement following an oil and commodity correction, driven by structural domestic demand. This is translating into strong corporate earnings growth, which we believe can be sustained by various businesses in the years ahead. We believe the fundamentals generally remain favorable and that strong growth will continue to lift asset values over time.

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 companies in the developing countries of the Middle East and Africa.

Investment Approach

The fund is growth oriented, unconstrained and designed to deliver strong absolute performance.
Stock selection is driven by fundamental analysis seeking to identify the best companies with attractive valuations and earnings that are growing faster than their local, regional or global peers.
In investment frontiers such as the Middle East and Africa market, inefficiencies are likely to be significant. One of the core tenets of our investment strategy is that stocks are frequently mispriced.
Focus on finding companies with above-average revenue growth, strong management and good corporate governance.
The bottom-up, stock specific approach is supported by a top-down perspective focusing on macro and micro-factors mainly at the country level.
Manager with a proven track record of investing in emerging markets supported by a dedicated analyst team.
Dedicated Portfolio Manager supported by a well-resourced analyst team.

Portfolio Construction

Typically 50-80 stocks
Individual positions typically range from 2.0%-8.0%
Country and sector weights unconstrained
Cash reserves typically 0%-5%

Performance (Class I)

Annualised Performance

Calculated:

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised	Since Manager Inception Annualised
Fund %	-1.97%	6.05%	-1.44%	4.26%	6.66%
Indicative Benchmark %	0.12%	4.97%	-2.05%	3.77%	3.57%
Excess Return %	-2.09%	1.08%	0.61%	0.49%	3.09%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	-1.97%	6.05%	-1.44%	4.26%
Indicative Benchmark %	0.12%	4.97%	-2.05%	3.77%
Excess Return %	-2.09%	1.08%	0.61%	0.49%

Recent Performance

	Month to DateData as of 09-Oct-2019	Quarter to DateData as of 09-Oct-2019	Year to DateData as of 09-Oct-2019	1 MonthData as of 30-Sep-2019	3 MonthsData as of 30-Sep-2019
Fund %	-1.59%	-1.59%	-0.59%	1.70%	-7.94%
Indicative Benchmark %	-1.22%	-1.22%	0.94%	-0.25%	-7.37%
Excess Return %	-0.37%	-0.37%	-1.53%	1.95%	-0.57%

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.

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.

31-Aug-2019 - Oliver Bell, Portfolio Manager,

Middle East and African markets fell sharply in August, underperforming their developed and emerging peers. This was largely due to weakness in South Africa, which declined the most over the month. President Cyril Ramaphosa signed into law the controversial National Credit Amendment Bill, which is geared towards providing relief to indebted consumers but is likely to weigh on banks’ earnings. Conversely, Egypt had a strong month. The Central Bank of Egypt cut interest rates by a higher-than-expected 150 basis points, which lent support to the country’s share prices. In the portfolio, South Africa was an area of weakness. Not holding Anglogold Ashanti held back relative returns. The stock was supported by favourable gold price trends and news that the company had improved cashflow in the fiscal year. Elsewhere, leading bank Absa delivered first-half results that were disappointing, with revenue growth lacklustre. Kuwait was an area of strength in the month. The National Bank of Kuwait recorded profit growth of nearly 10% year-on-year in the second quarter, while Mabanee, the largest Kuwaiti developer and mall operator, saw earnings boosted by a ramp-up of stores, a trend which is anticipated to continue.

Holdings

Total
Holdings

Largest Holding Naspers 9.06% Was (31-Mar-2019) 7.91%

Other View Full Holdings Quarterly data as of 30-Sep-2019

Top 10 Holdings 41.68% View Top 10 Holdings Monthly data as of 30-Sep-2019

Largest Top Contributor^

Naspers

By 4.12%

% of fund 9.10%

Largest Top Detractor^

Samba Financial

By -1.54%

% of fund 2.89%

Top Purchase

Naspers

9.10%

Was (31-Mar-2019) 7.91%

Top Sale

Massmart Holdings (E)

0.00%

Was (31-Mar-2019) 1.05%

30-Jun-2019 - Oliver Bell, Portfolio Manager,

It was another active quarter on the trading front. We trimmed or eliminated several stocks to take profits on positions, which had rallied or where our investment thesis had played out. At the same time, we topped up stocks where we had a high conviction and/or where valuations had unexpectedly fallen back to attractive entry levels.

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Overall on a country level, the biggest change in the portfolio was adding exposure to South Africa, where we moved less underweight the country.

Adding Exposure to South Africa

Our view of the domestic opportunities in South Africa is positive, as we envisage several economic catalysts to take effect in the coming months. These catalysts include: establishing a non-corrupt, slimmed down cabinet under President Cyril Ramaphosa, detailing plans of accelerating reforms, and addressing the issues with state utility company Eskom.

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We added to the South African pay-TV and internet company Naspers, narrowing our underweight versus the benchmark for a second quarter running. Positive management meetings have added to our conviction in the company's strategy, which is to build three world-class businesses-classifieds, food delivery, and payments. We also have a positive view of Naspers listing 25% of its business in Amsterdam this coming September.

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We also topped up our position in South Africa's largest listed insurer Sanlam, taking advantage of its attractive valuation. The business should perform well with any postelection improvement in the domestic economy. Management has a solid track record in effectively deploying excess cash into high-growth investments, while its strong brand and new business opportunities bode well for increasing return on equity (ROE) and maintaining a stable dividend.

We added to South Africa's third-largest bank, Absa, which is separating from Barclays Africa. The bank has undergone a period of change, including the launch of a new strategy and implementation of a new operating model, and we believe the market is underappreciating the group's earnings potential. It trades at a significant discount to peers.

Portfolio Activity in the UAE

We bought the digital payments business Network International, which has operations across Africa and the Middle East. The region is vastly underpenetrated from a payment standpoint-over 85% of transactions are still conducted in cash. Given its dominant market share, Network International is well positioned to benefit from the secular migration to digital payments, in our view, and as banks outsource payment capabilities over time.

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Elsewhere in the UAE, we trimmed exposure to First Abu Dhabi Bank (FAB) after it reached our initial price target, but we remain overweight to the high-quality bank. Our thesis of strong liquidity, solid capital, and asset quality metrics remain intact, and the bank has the highest combined credit rating across the sector. With 25% market share and sovereign backing, we expect FAB to drive double-digit ROE.

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In Saudi Arabia, we sold mineral and metal mining business Saudi Arabian Mining Company, locking in recent profits. The stock has made a decent recovery, but looking out, we see pressure to its aluminium operations, attributable to slow demand and trade tensions. The complexity of its state-owned enterprise structure and highly levered business were additional factors in our decision to sell.

Sectors

Total
Sectors

Largest Sector Financials 45.27% Was (31-Aug-2019) 45.31%

Other View complete Sector Diversification

Top Contributor^

Real Estate

Net Contribution 0.13%

Sector

-0.10%

Selection 0.23%

Top Detractor^

Financials

Net Contribution -0.47%

Sector

-0.05%

Selection

-0.41%

Largest Overweight

Consumer Discretionary

By10.50%

Fund 19.63%

Indicative Benchmark 9.12%

Largest Underweight

Materials

By-14.21%

Fund 1.70%

Indicative Benchmark 15.90%

31-Aug-2019 - Oliver Bell, Portfolio Manager,

We reduced our exposure to financials over the month by scaling back our positions in two leading Saudi Arabian banks. This included selling our holding in Samba Financial. The stock sold off following second-quarter provisional results that fell short of expectations, and we have grown more concerned about whether the bank is sufficiently provisioning for contracting segment exposures.

Countries

Total
Countries

Largest Country South Africa 36.82% Was (31-Aug-2019) 41.00%

Other View complete Country Diversification

Top Contributor^

Kuwait

Net Contribution 0.42%

Country

0.21%

Selection 0.21%

Top Detractor^

Qatar

Net Contribution -0.58%

Country

-0.58%

Selection

0.00%

Largest Overweight

Kuwait

By7.65%

Fund 13.09%

Indicative Benchmark 5.43%

Largest Underweight

Saudi Arabia

By-15.16%

Fund 14.77%

Indicative Benchmark 29.93%

31-Aug-2019 - Oliver Bell, Portfolio Manager,

We reduced our exposure to Saudi Arabia over the month. While Saudi Arabia has been on the right side of the developments in the global market environment—a strong U.S. dollar combined with rising rates, and the inclusion of the country’s stocks in the MSCI Emerging Markets Index—these tailwinds are abating. We are now waiting for the country’s ambitious reform programme, which includes a diversification of the economy away from oil, increased social spending, a reduction of Saudi unemployment, and a focus on establishing a thriving private sector, to materialise.

Team (As of 31-Aug-2019)

Oliver Bell
Portfolio Manager

Oliver Bell is a vice president of T. Rowe Price Group, Inc., associate head of Equity EMEA and the lead portfolio manager and chairman of the Investment Advisory Committee for the T. Rowe Price Middle East & Africa Equity Strategy and the Frontier Markets Equity Strategy. He is a member of the International Equity Steering Committee and a Board member of T. Rowe Price (Luxembourg) Management S.a.r.l.

Mr. Bell has 21 years of investment experience, seven of which have been with T. Rowe Price. Prior to joining the firm in 2011, Mr. Bell was head of emerging markets equities research at Pictet Asset Management (the institutional asset management arm of Pictet & Cie, the largest private bank in Switzerland), where his responsibilities included managing several funds, as well as a team of analysts. During his time at Pictet, Mr. Bell was directly responsible for managing investments in the emerging Europe, Middle East and Africa region as part of the global emerging markets and the standalone Middle East and Africa portfolios. Mr. Bell also managed the Global Emerging Markets High Dividend Yield Equity Strategy.

Mr. Bell has earned a bachelor of science degree in chemistry from Exeter University and also has earned the Investment Management Certificate.

Fund manager
since
2011
Years at
T. Rowe Price
8
Years investment
experience
22

Kanwal Masood
Portfolio Specialist

Kanwal Masood is a portfolio specialist in the Equity Division at T. Rowe Price, covering the Middle East and Africa Equity and Emerging Europe Equity Strategies. She is an associate vice president of T. Rowe Price International Ltd.

Ms. Masood has 10 years of investment experience, all of which have been with T. Rowe Price. She joined the firm in 2007, covering the global and regional emerging market equity strategies as a portfolio analyst. Prior to joining T. Rowe Price, she was a product specialist at the London Stock Exchange.

Ms. Masood earned a B.Sc. with honours in mathematics and computer science from King's College London.

Years at
T. Rowe Price
12
Years investment
experience
12

Fee Schedule

Share Class	Minimum Initial Investment and Holding Amount	Minimum Subsequent Investment	Minimum Redemption Amount	Sales Charge (up to)	Investment Management Fee (up to)	Ongoing Charges
Class A	$15,000	$100	$100	5.00%	190 basis points	2.07%
Class I	$2,500,000	$100,000	$0	0.00%	100 basis points	1.10%
Class Q	$15,000	$100	$100	0.00%	100 basis points	1.17%

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

Portfolio Characteristics

as of 30-Sep-2019

Characteristic	Fund	Indicative Benchmark
Projected Earnings Growth Rate (IBES)	10.9%	8.3%
Price to Earnings (Current Fiscal Year)	15.0x	13.6x
Return on Equity (Current Fiscal Year)	15.8%	13.2%
Price to Book	2.7x	2.1x
Investment Weighted Median Market Cap (USD mm)	7,141	8,989
Investment Weighted Average Market Cap (USD mm)	19,144	18,859
Number of Holdings	55	371
Top 20 Holdings as % of Total	62.3%	42.1%
Portfolio Holdings Turnover (12 Months)	34.3%	N/A
Percent of Portfolio in Cash	5.2%	0.0%
Active Share Percentage	N/A	N/A

Statistics are Investment Weighted Median unless otherwise noted.

Risks

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

Capital risk
Country risk (Saudi Arabia)
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
Style risk
Volatility risk

Risk/Return Characteristics

as of 30-Sep-2019

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	0.73%	0.00%
Beta	1.00	1.00
R-Squared	0.92	1.00
Annualized Std. Deviation	15.32%	14.69%
Information Ratio	0.14	0.00
Sharpe Ratio	-0.16	-0.20
Tracking Error	4.38%	0.00%

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

Calendar Year Performance (Class I)

2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
21.06%	16.73%	-16.27%	19.16%	24.52%	10.53%	-18.97%	7.06%	23.11%	-8.30%	Fund
31.08%	26.50%	-12.80%	15.14%	10.47%	2.09%	-19.59%	11.62%	19.46%	-8.71%	Indicative Benchmark
-10.02%	-9.77%	-3.47%	4.02%	14.05%	8.44%	0.62%	-4.56%	3.65%	0.41%	Value added

Fund
Indicative Benchmark
Annual Report

Purchases - 10 Largest (30-Jun-2019)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Network International (N)	0.00%	0.00%	Consumer Finance	United Arab Emirates
Naspers	9.10%	1.19%	Internet & Direct Marketing Retail	South Africa
Sanlam	4.02%	0.87%	Insurance	South Africa
MTN Group	2.66%	0.91%	Wireless Telecommunication Services	South Africa
Absa	4.57%	1.05%	Banks	South Africa
Label Vie	2.36%	0.76%	Food & Staples Retailing	Morocco
Shoprite Holdings	1.25%	0.40%	Food & Staples Retailing	South Africa
FirstRand	4.11%	0.71%	Diversified Financial Services	South Africa
Mr Price	2.43%	0.44%	Specialty Retail	South Africa
Nedbank	2.47%	0.28%	Banks	South Africa

(N) New Position.

31-Dec-2018 - Oliver Bell, Portfolio Manager,

Saudi Company for Hardware: We established a position in this do-it-yourself (DIY) and home improvement retailer, which operates 30 stores across cities in Saudi Arabia. We see the business benefiting from several structural tailwinds, including a ballooning Saudi population and ambitious government housing projects. We anticipate healthy growth in its store base, while the company remains highly cash flow generative and maintains a good payout ratio.
Jarir Marketing: This is a well-run, leading Saudi retailer of consumer electronics and school and office supplies. The business is exposed to a recovery in domestic discretionary spending as it continues to grow its footprint by around 10% a year and offers a high return on capital.
United Electronics: We opened a position in this leading Saudi retailer of electronics and home appliances, which is known by its brand name Extra. We view the stock as a key beneficiary of new regulations and improvements in discretionary spending. We believe the CEO's strategy is credible and continued strong execution should help the business capture significant market share and drive higher earnings margins.

Sales - 10 Largest (30-Jun-2019)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Massmart Holdings (E)	0.00%	-1.05%	Food & Staples Retailing	South Africa
Saudi Arabian Mining (E)	0.00%	-0.97%	Metals & Mining	Saudi Arabia
Societe d Exploitation des Ports (E)	0.00%	-0.52%	Transportation Infrastructure	Morocco
Equity Group Holdings (E)	0.00%	-0.53%	Banks	Kenya
First Abu Dhabi Bank	2.05%	-0.56%	Banks	United Arab Emirates
First Quantum Minerals (E)	0.00%	-0.44%	Metals & Mining	Canada
Al Eqbal Co for Investment (E)	0.00%	-0.38%	Tobacco	Jordan
Africa Oil (E)	0.00%	-0.25%	Oil, Gas & Consumable Fuels	Canada
Naspers	9.10%	1.19%	Internet & Direct Marketing Retail	South Africa
Edita Food Industries SAE	1.09%	-0.19%	Food Products	Egypt

(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 (30-Jun-2019)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Absa	4.57%	Banks	South Africa
National Bank of Kuwait	4.98%	Banks	Kuwait
MTN Group	2.66%	Wireless Telecommunication Services	South Africa
FirstRand	4.11%	Diversified Financial Services	South Africa
Naspers	9.10%	Internet & Direct Marketing Retail	South Africa
Mabanee Co SAK	1.79%	Real Estate Management & Development	Kuwait
Saudi British Bank	3.77%	Banks	Saudi Arabia
Sanlam	4.02%	Insurance	South Africa
Label Vie	2.36%	Food & Staples Retailing	Morocco
Mouwasat Medical Services	1.73%	Health Care Providers & Services	Saudi Arabia

30-Sep-2017 - Oliver Bell, Portfolio Manager,

The food business is highly cyclical and going through the low point of its cycle in Saudi Arabia at this time. Savola had recently branched out in its retail operations with a move into smaller format stores, and this part of its business has struggled against the more challenging backdrop.

Savola has a large stake (36.5%) in Almarai, the Persian Gulf region's largest integrated food and dairy producer, and announced in September that it would be reducing its stake by 2% to 34.5%, via a private placement. Although this is only a very small percentage of Savola's total holding, it put short-term pressure on the stock price, which was already weighed down by worries about the loss of sales from Qatar, a relatively important market for Almarai. Qatar's exclusion, due to a political rift, is expected to dent upcoming third-quarter results. Almarai, was the biggest detractor among Saudi stocks.

Herfy Food Services, the third of the underperforming food stock, operates a fast-food chain of 300 restaurants across Saudi Arabia and also has bakery and meat processing facilities that supply third parties. Its weaker share price was mainly a casualty of the cyclical downturn in food stocks, although there may have been a carryover of some negative sentiment from Savola, which has a 48% stake in Herfy. We regard the current challenges as temporary and believe that in a low-penetrated fast-food market, Herfy can generate attractive medium-term growth.

Bupa Arabia for Cooperative was the other major detractor in Saudi Arabia. A tough macroeconomic backdrop and cyclical challenges have dampened near-term sentiment for the medical insurer. However, we believe it remains an attractive medium-term prospect in an underpenetrated market.
Our holding in retailer Mr Price benefited from easing competition (especially in terms of discounting from peers) and a stronger rand. The company now has more flexibility regarding an expansion in its margins or a reduction in prices.

Detractors (30-Jun-2019)

Detractors	% of Fund	Industry	Country
KAP Industrial Holdings	1.12%	Industrial Conglomerates	South Africa
FBN Holdings	1.08%	Banks	Nigeria
Massmart Holdings	0.00%	Food & Staples Retailing	South Africa
Samba Financial	2.89%	Banks	Saudi Arabia
Standard Chartered Bank Zambia	0.34%	Banks	Zambia
Saudi Arabian Mining	0.00%	Metals & Mining	Saudi Arabia
Aramex	1.35%	Air Freight & Logistics	United Arab Emirates
Tullow Oil	0.73%	Oil, Gas & Consumable Fuels	United Kingdom
Nestle Foods Nigeria	1.04%	Food Products	Nigeria
Life Healthcare Group Holdings	0.65%	Health Care Providers & Services	South Africa

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

N/A indicates Not Available.

Holdings (30-Jun-2019)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares	Sector	Industry	Country
Naspers	9.06%	1.15	$537,625.06	2,250	Consumer Discretionary	Internet & Direct Marketing Retail	South Africa
Al Rajhi Bank	7.02%	-0.32	$416,742.57	22,455	Financials	Banks	Saudi Arabia
National Bank of Kuwait	5.03%	0.17	$298,418.72	92,951	Financials	Banks	Kuwait
Absa	4.64%	1.12	$275,613.03	21,949	Financials	Banks	South Africa
FirstRand	4.17%	0.77	$247,317.84	50,727	Financials	Diversified Financial Services	South Africa
Sanlam	4.05%	0.90	$240,292.00	43,495	Financials	Insurance	South Africa
Saudi British Bank	3.81%	0.17	$226,252.73	20,495	Financials	Banks	Saudi Arabia
Samba Financial	2.92%	-0.40	$173,007.09	18,328	Financials	Banks	Saudi Arabia
MTN Group	2.71%	0.96	$160,768.64	21,094	Communication Services	Wireless Telecommunication Services	South Africa
Nedbank	2.48%	0.29	$147,434.43	8,255	Financials	Banks	South Africa
Human Soft Holding	2.46%	-0.16	$145,786.51	13,992	Consumer Discretionary	Diversified Consumer Services	Kuwait
Mr Price	2.41%	0.42	$143,021.77	10,350	Consumer Discretionary	Specialty Retail	South Africa
Label Vie	2.36%	0.75	$140,008.56	542	Consumer Staples	Food & Staples Retailing	Morocco
First Abu Dhabi Bank	2.07%	-0.54	$122,635.15	30,313	Financials	Banks	United Arab Emirates
Guaranty Trust Bank	1.99%	-0.50	$117,881.92	1,375,927	Financials	Banks	Nigeria
Mabanee Co SAK	1.81%	0.39	$107,520.86	46,073	Real Estate	Real Estate Management & Development	Kuwait
Mouwasat Medical Services	1.75%	0.12	$103,775.03	4,329	Health Care	Health Care Providers & Services	Saudi Arabia
Capitec Bank Holdings	1.52%	-0.09	$90,212.73	990	Financials	Banks	South Africa
Bid	1.52%	0.05	$90,121.15	4,094	Consumer Staples	Food & Staples Retailing	South Africa
Dis-Chem Pharmacies	1.48%	0.13	$87,697.62	47,332	Consumer Staples	Food & Staples Retailing	South Africa
Bk	1.45%	-0.21	$85,748.67	313,197	Financials	Banks	Rwanda
Foschini	1.44%	0.17	$85,180.27	6,707	Consumer Discretionary	Specialty Retail	South Africa
Commercial International Bank Egypt	1.42%	0.07	$84,125.61	19,771	Financials	Banks	Egypt
Psg	1.40%	-0.12	$83,195.49	4,927	Financials	Diversified Financial Services	South Africa
Aramex	1.36%	-0.24	$80,827.33	71,539	Industrials & Business Services	Air Freight & Logistics	United Arab Emirates
Shoprite Holdings	1.27%	0.42	$75,490.58	6,695	Consumer Staples	Food & Staples Retailing	South Africa
Network International Holdings	1.26%	N/A	$74,652.48	10,381	Information Technology	IT Services	United Arab Emirates
Gulf Bank	1.23%	-0.05	$72,968.82	72,820	Financials	Banks	Kuwait
Integrated Diagnostics Holdings	1.21%	0.06	$71,735.40	14,492	Health Care	Health Care Providers & Services	Egypt
AVI	1.17%	0.04	$69,519.69	10,675	Consumer Staples	Food Products	South Africa
United International Transportation	1.16%	-0.00	$68,634.58	7,788	Industrials & Business Services	Road & Rail	Saudi Arabia
KAP Industrial Holdings	1.14%	-0.16	$67,924.38	169,787	Industrials & Business Services	Industrial Conglomerates	South Africa
Bupa Arabia For Cooperative Insurance	1.14%	0.13	$67,842.94	2,642	Financials	Insurance	Saudi Arabia
Edita Food Industries SAE	1.11%	-0.17	$65,830.24	54,722	Consumer Staples	Food Products	Egypt
FBN Holdings	1.10%	-0.27	$65,131.89	3,521,040	Financials	Banks	Nigeria
ADES International Holding	1.08%	-0.11	$63,855.70	4,661	Energy	Energy Equipment & Services	United Arab Emirates
Nestle Foods Nigeria	1.06%	-0.10	$62,760.50	16,116	Consumer Staples	Food Products	Nigeria
Saudi Co For Hardware	1.05%	-0.10	$62,301.72	3,441	Consumer Discretionary	Specialty Retail	Saudi Arabia
Famous Brands	1.02%	-0.04	$60,600.54	10,264	Consumer Discretionary	Hotels Restaurants & Leisure	South Africa
Vivo Energy	0.95%	0.01	$56,446.02	33,513	Energy	Oil, Gas & Consumable Fuels	United Kingdom
DP World	0.89%	-0.05	$52,708.50	3,315	Industrials & Business Services	Transportation Infrastructure	United Arab Emirates
Clicks Group	0.88%	0.13	$52,089.74	3,605	Consumer Staples	Food & Staples Retailing	South Africa
Jarir Marketing	0.80%	0.02	$47,486.96	1,078	Consumer Discretionary	Specialty Retail	Saudi Arabia
Almarai	0.79%	-0.05	$46,696.74	3,323	Consumer Staples	Food Products	Saudi Arabia
United Electronics	0.78%	0.07	$46,371.71	2,584	Consumer Discretionary	Specialty Retail	Saudi Arabia
Dangote Cement	0.76%	-0.04	$44,956.80	87,362	Materials	Construction Materials	Nigeria
Tullow Oil	0.76%	-0.09	$44,806.69	16,470	Energy	Oil, Gas & Consumable Fuels	United Kingdom
National Bank of Ras Al-Khaimah PSC	0.75%	0.05	$44,670.44	36,462	Financials	Banks	United Arab Emirates
OCI	0.74%	-0.01	$43,871.68	1,612	Materials	Chemicals	Egypt
Life Healthcare Group Holdings	0.66%	-0.09	$39,083.19	24,510	Health Care	Health Care Providers & Services	South Africa
Herfy Food Services	0.51%	0.00	$30,493.31	2,024	Consumer Discretionary	Hotels Restaurants & Leisure	Saudi Arabia
Attijariwafa Bank	0.48%	0.04	$28,311.85	579	Financials	Banks	Morocco
National Microfinance Bank	0.37%	-0.00	$22,232.80	21,848	Financials	Banks	Tanzania
Standard Chartered Bank Zambia	0.34%	-0.17	$19,986.83	143,350	Financials	Banks	Zambia
Vodacom Tanzania	0.32%	-0.08	$18,929.99	64,014	Communication Services	Wireless Telecommunication Services	Tanzania
Emirates NBD	0.31%	0.01	$18,665.70	6,290	Financials	Banks	United Arab Emirates
First National Bank of Botswana	0.27%	0.02	$16,005.61	61,820	Financials	Banks	Botswana
Aluminium Bahrain	0.25%	-0.07	$15,034.30	13,399	Materials	Metals & Mining	Bahrain

N/A indicates Not Available.

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

Sector Diversification (30-Sep-2019)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Consumer Discretionary	19.63%	9.12%
Consumer Staples	12.20%	6.15%
Health Care	3.91%	1.55%
Information Technology	1.86%	0.09%
Energy	2.68%	1.71%
Financials	45.27%	44.89%
Utilities	0.00%	1.23%
Industrials & Business Services	2.36%	4.17%
Real Estate	2.17%	5.96%
Communication Services	3.00%	9.22%
Materials	1.70%	15.90%

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 (30-Sep-2019)

Data as of:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Real Estate	0.13%	-0.10%	0.23%
Health Care	0.11%	0.02%	0.09%
Materials	0.09%	0.18%	-0.09%
Energy	0.03%	0.03%	-0.00%
Consumer Staples	-0.02%	0.00%	-0.03%
Information Technology	-0.09%	-0.18%	0.10%
Utilities	-0.13%	-0.13%	0.00%
Consumer Discretionary	-0.22%	-0.21%	-0.01%
Communication Services	-0.35%	-0.16%	-0.18%
Financials	-0.47%	-0.05%	-0.41%
Total	-0.64%	-0.30%	-0.34%

Past performance is not a reliable indicator of future performance.

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-Jun-2019 - Oliver Bell, Portfolio Manager,

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Overall on a country level, the biggest change in the portfolio was adding exposure to South Africa, where we moved less underweight the country.

Adding Exposure to South Africa

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Portfolio Activity in the UAE

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Country Diversification (30-Sep-2019)

Monthly as of:

Country Diversification	% of Fund	% of Indicative Benchmark
Kuwait	13.09%	5.43%
Netherlands	5.09%	0.00%
Egypt	5.64%	1.79%
Nigeria	4.99%	1.28%
Rwanda	1.72%	0.00%
United Kingdom	1.54%	0.00%
Morocco	3.30%	1.80%
Tanzania	0.84%	0.00%
Botswana	0.29%	0.00%
Zambia	0.19%	0.00%
Cote d Ivoire	0.00%	0.07%
Senegal	0.00%	0.10%
Tunisia	0.00%	0.29%
Jordan	0.00%	0.32%
Oman	0.00%	0.35%
Lebanon	0.00%	0.36%
United Arab Emirates	6.20%	6.57%
Mauritius	0.00%	0.48%
Bahrain	0.29%	1.09%
Kenya	0.00%	1.00%
South Africa	36.82%	39.69%
Qatar	0.00%	9.45%
Saudi Arabia	14.77%	29.93%

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 (30-Sep-2019)

Data as of:

Country	Total Value Added %	Value from Country Weight %	Value from Stock Selection %
Kuwait	0.42	0.21	0.21
Morocco	0.23	0.10	0.14
Tanzania	0.18	0.18	0.00
United Kingdom	0.06	0.19	-0.13
Rwanda	0.05	0.05	0.00
Nigeria	-0.18	-0.11	-0.08
Saudi Arabia	-0.19	0.08	-0.27
United Arab Emirates	-0.22	0.00	-0.23
Netherlands	-0.36	-0.36	0.00
Qatar	-0.58	-0.58	0.00
Total	-0.64	0.41	-1.05

Past performance is not a reliable indicator of future performance.

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.

31-Dec-2015 - Oliver Bell, Portfolio Manager,

From a country perspective, stock selection was the lead driver of relative performance, while group allocation was also supportive. South Africa was the top contributor due to strong security selection, although our underweight to the country slightly detracted.

Within South Africa, not being invested in MTN (discussed in the sector attribution section) was significant as was our avoidance of the weak performing Standard Bank and Steinhoff International. Among stocks we own, investment holding company Brait and Pay-TV and Internet firm, Napsers, were the strongest performers. We have sizable positions in both companies.

Brait rallied after the release of first-half results, which were at the upper end of their guidance range and Naspers successfully raised the capital it needed to help fund its investments into e-commerce companies.

Gulf Warehousing (discussed in the sector attribution section) was the key investment story behind Qatar’s good performance, although being slightly underweight and avoiding some of the poorest performers aided relative return too. Meanwhile, positive third-quarter earnings for Umeme, Uganda's sole power distributor, explain Uganda’s contribution.

Kenya and United Arab Emirates were the other two countries among the top five contributors. In both cases, the standout stocks, Safaricom (Kenya) and Aramex (UAE), are discussed in the sector attribution section.

Meanwhile Saudi Arabia, our second-largest absolute positon (although underweight on a relative basis) detracted the most from relative performance. This was largely due to stock selection. The fall in global oil prices and the impact on Saudi revenues hurt a broad spectrum of companies, including fast food retailer Herfy Food Service and private health care provider Mouwasat Medical Services.

Please note that the Fund typically has a risk of high volatility.

Indicative Benchmark Data Source: MSCI. 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.

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.

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.

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.

3YR Return Annualised (View Total Returns)

Total Assets (USD)

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Manager Tenure

Information Ratio (5 Years)

Tracking Error (5 Years)

Other Literature

Strategy

Investment Objective

Investment Approach

Portfolio Construction

Performance (Class I)

Annualised Performance

Recent Performance

Holdings

TotalHoldings

Largest Top Contributor^

Naspers

Largest Top Detractor^

Samba Financial

Top Purchase

Naspers

Top Sale

Massmart Holdings (E)

Adding Exposure to South Africa

Portfolio Activity in the UAE

Sectors

TotalSectors

Top Contributor^

Real Estate

Top Detractor^

Financials

Largest Overweight

Consumer Discretionary

Largest Underweight

Materials

Countries

TotalCountries

Top Contributor^

Kuwait

Top Detractor^

Qatar

Largest Overweight

Kuwait

Largest Underweight

Saudi Arabia

Team (As of 31-Aug-2019)

Oliver BellPortfolio Manager

Kanwal MasoodPortfolio Specialist

Fee Schedule

Portfolio Characteristics

Risks

Risk/Return Characteristics

Calendar Year Performance (Class I)

Monthly Performance (Class I)

Purchases - 10 Largest (30-Jun-2019)

Sales - 10 Largest (30-Jun-2019)

Contributors (30-Jun-2019)

Detractors (30-Jun-2019)

Holdings (30-Jun-2019)

Sector Diversification (30-Sep-2019)

Sector Attribution - Top and Bottom Five by Total Value Added (30-Sep-2019)

Adding Exposure to South Africa

Portfolio Activity in the UAE

Country Diversification (30-Sep-2019)

Country Attribution - Top and Bottom Five by Total Value Added (30-Sep-2019)

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3YR Return Annualised
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(View Total Returns)

Information Ratio
(5 Years)

Tracking Error
(5 Years)

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Total
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Oliver Bell
Portfolio Manager

Kanwal Masood
Portfolio Specialist

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