I | 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 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 %	-12.14%	-3.19%	0.19%	2.28%	4.38%
Indicative Benchmark %	-5.86%	-1.03%	1.42%	1.56%	2.48%
Excess Return %	-6.28%	-2.16%	-1.23%	0.72%	1.90%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	-12.14%	-3.19%	0.19%	2.28%
Indicative Benchmark %	-5.86%	-1.03%	1.42%	1.56%
Excess Return %	-6.28%	-2.16%	-1.23%	0.72%

Recent Performance

	Month to DateData as of 28-Oct-2020	Quarter to DateData as of 28-Oct-2020	Year to DateData as of 28-Oct-2020	1 MonthData as of 30-Sep-2020	3 MonthsData as of 30-Sep-2020
Fund %	1.62%	1.62%	-16.19%	1.45%	6.28%
Indicative Benchmark %	-0.01%	-0.01%	-13.21%	1.20%	7.99%
Excess Return %	1.63%	1.63%	-2.98%	0.25%	-1.71%

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 30 September 2010, the benchmark for the sub-fund was changed to S&P Emerging Market/Frontier Middle East & Africa Broad Market Index ex Israel. Prior to 30 September 2010, the benchmark for the sub-fund was MSCI Arabian Markets and Africa Index. Prior to 1 July 2009, the benchmark for the sub-fund was S&P IFCG Africa and Middle East ex-Saudi Arabia and ex-Israel. Prior to 1 September 2008, this benchmark also excluded Kuwait. The benchmark changes were made because the portfolio manager viewed the new benchmark composition to be a better representation of the investment strategy of the sub-fund. Historical benchmark representations have not been restated.

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.

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

Middle Eastern and African equities ended September with modest gains, slightly outperforming their emerging market peers. Saudi Arabia gained ground despite the decline in the oil price; domestic retail investors have been enthusiastic buyers of Saudi stocks in recent months, particularly small- and mid-cap names. South Africa finished marginally lower. Sentiment was negatively affected by data released early in the month that indicated that GDP growth in the second quarter had slumped, although this was partially offset by strong buying activity in domestic names by local funds. Within the portfolio, stock selection in South Africa had by far the most positive impact, while our underweight position here added further. Shares in food retailer Shoprite posted substantial gains with investors encouraged by its latest results; the company gained market share, improved margins, and substantially boosted free cash flow, and management indicated that it intends to divest out of low-return countries in the rest of Africa and invest more to entrench its dominant position in South Africa. Capitec Bank was another significant contributor; the South African bank’s half-year results were very strong, with earnings at the top end of management’s recent guidance.

Holdings

Total
Holdings

Largest Holding Naspers 9.62% Was (30-Jun-2020) 9.65%

Other View Full Holdings Quarterly data as of 30-Sep-2020

Top 10 Holdings 50.44% View Top 10 Holdings Monthly data as of 30-Sep-2020

Largest Top Contributor^

Al Rajhi Bank

By 2.64%

% of fund 8.49%

Largest Top Detractor^

Naspers

By -6.54%

% of fund 9.55%

Top Purchase

Al Rajhi Bank

8.49%

Was (30-Jun-2020) 6.56%

Top Sale

Saudi British Bank (E)

0.00%

Was (30-Jun-2020) 2.27%

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

Saudi Arabia

We reduced our underweight allocation to Saudi Arabia, initiating positions in Saudi Basic Industries and Yanbu National Petrochemical. These stocks were oversold amid the sluggish price of oil, providing an attractive entry point.

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Saudi Basic Industries is one of the largest petrochemical manufacturers in the world. The company has significant economies of scale and access to cheap feedstock from Saudi Aramco, which allows the company to seek to deliver resilient profitability despite volatile industry cycles. Furthermore, we believe that the stock's downside is tempered by the company's high free cashflow generation and strong cash position.

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Yanbu National Petrochemical is a Saudi Arabia-based, pure play single site petrochemical company. It manufactures basic chemicals, intermediates and polymers. The company has a strong net cash position and we expect dividends to increase over time.

Egypt

We scaled back our exposure to Egypt, selling our position in Commercial International Bank. Given the disruption in supply chains, we expect to see weaker growth in working capital financing. Capital expenditures are also likely to be delayed.

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We also reduced our position in snack food company Edita Food Industries. Management saw a broad-based recovery in demand starting in June, but sales are still running below pre-coronavirus levels. We believe it remains an industry leader with some of the best brands.

Prosus

We reduced our holding in Netherlands-listed Prosus which focuses on consumer technology in emerging markets. At current levels, we have a preference for the South African listing, Naspers, which owns 74% of Prosus.

Consumer Discretionary

We sold our holding in Jarir Marketing, a Saudi Arabian retailer of consumer electronics, technology products, books and school/office supplies. We eliminated our position on strength, after the company announced solid first-quarter results. The company has also been strengthening its e-commerce position, although it is likely to face increasing competition from Amazon.

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We also eliminated our holding in Herfy Food Services, a Saudi Arabian fast food chain operator. The pandemic has weighed on the company and its industry in the near term. Looking further ahead, increased competition could be a headwind for the company.

Sectors

Total
Sectors

Largest Sector Financials 47.41% Was (31-Aug-2020) 48.51%

Other View complete Sector Diversification

Top Contributor^

Health Care

Net Contribution 0.88%

Sector

-0.02%

Selection 0.90%

Top Detractor^

Materials

Net Contribution -0.78%

Sector

-0.72%

Selection

-0.06%

Largest Overweight

Consumer Staples

By6.94%

Fund 12.62%

Indicative Benchmark 5.68%

Largest Underweight

Materials

By-10.49%

Fund 7.67%

Indicative Benchmark 18.17%

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

The portfolio has an overweight position in the financial sector. Over the course of the month, we eliminated our position in Saudi British Bank. While we believe the bank is well managed, we have concerns about asset quality and incremental provisioning needs, particularly in the contracting and manufacturing segments. In our opinion, shares reached a fair valuation point over the period, and we chose to sell out of our holding and focus on higher-conviction names within financials.

Countries

Total
Countries

Largest Country South Africa 28.06% Was (31-Aug-2020) 26.03%

Other View complete Country Diversification

Top Contributor^

South Africa

Net Contribution 0.70%

Country

0.29%

Selection 0.41%

Top Detractor^

United Arab Emirates

Net Contribution -0.79%

Country

0.00%

Selection

-0.79%

Largest Overweight

United Kingdom

By7.21%

Fund 7.21%

Indicative Benchmark 0.00%

Largest Underweight

Saudi Arabia

By-10.64%

Fund 25.69%

Indicative Benchmark 36.33%

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

In recent months we have made a number of changes within holdings in South Africa but remain underweight. For example, we eliminated our holding in South African bank Absa. We believe that shares had reached fair valuation and have concerns around the bank’s ability to navigate the difficult top-down environment in South Africa and view its balance sheet as being of lower quality than peers. We also reduced our holding in a South African diversified financial services group providing financial solutions to individual and institutional clients; we believe coronavirus-related business impacts and potential credit-related provision could provide headwinds.

Team (As of 01-Oct-2020)

Oliver Bell
Co-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
9
Years investment
experience
23

Seun Oyegunle, CFA
Co-Portfolio Manager

Seun Oyegunle is the co-portfolio manager of the Africa & Middle East Fund in the Equity Division.

Seun’s investment experience began in 2009, and he has been with T. Rowe Price since 2013, beginning as a research analyst, covering retail and other sectors across a number of emerging markets, in the Emerging Markets department of the Equity Division. Prior to this, Seun was employed by Asset and Research Management Ltd as an analyst covering the consumer goods sector. He also was employed by Vetiva Capital Management Ltd.

Seun earned an M.B.A. in finance from the University of Pennsylvania, The Wharton School, and a B.Sc. in chemical engineering from the University of Lagos. Seun also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Fund manager
since
2020
Years at
T. Rowe Price
7
Years investment
experience
11

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%	190 basis points	2.07%
Class I	$2,500,000	$100,000	$0	0.00%	100 basis points	1.10%
			N/A

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-2020

Characteristic	Fund	Indicative Benchmark
Projected Earnings Growth Rate - IBES (3-5 years)	7.0%	7.0%
Price to Earnings (Current Fiscal Year)	18.3x	17.2x
Return on Equity (Current Fiscal Year)	15.5%	11.8%
Price to Book	3.2x	2.2x
Investment Weighted Median Market Cap (USD mm)	10,292	10,493
Investment Weighted Average Market Cap (USD mm)	25,186	21,994
Number of Holdings	46	339
Top 20 Holdings as % of Total	73.6%	47.9%
Portfolio Holdings Turnover (12 Months)	53.4%	N/A
Percent of Portfolio in Cash	0.8%	0.0%
Active Share Percentage	N/A	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
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-2020

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	-1.04%	0.00%
Beta	0.99	1.00
R-Squared	0.92	1.00
Annualized Std. Deviation	18.29%	17.75%
Information Ratio	-0.23	0.00
Sharpe Ratio	-0.05	0.01
Tracking Error	5.26%	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 (Class I)

2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
16.73%	-16.27%	19.16%	24.52%	10.53%	-18.97%	7.06%	23.11%	-8.30%	7.61%	Fund
26.50%	-12.80%	15.14%	10.47%	2.09%	-19.59%	11.62%	19.46%	-8.71%	10.83%	Indicative Benchmark
-9.77%	-3.47%	4.02%	14.05%	8.44%	0.62%	-4.56%	3.65%	0.41%	-3.22%	Value added

Fund
Indicative Benchmark

Purchases - 10 Largest (30-Sep-2020)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Mondi (N)	1.63%	1.63%	Paper & Forest Products	United Kingdom
Al Rajhi Bank	8.49%	1.93%	Banks	Saudi Arabia
National Commercial Bank	3.22%	1.10%	Banks	Saudi Arabia
Naspers	9.55%	-0.10%	Internet & Direct Marketing Retail	South Africa
Fawry for Banking & Payment Tech Ser SAE (N)	1.34%	1.34%	IT Services	Egypt
Ninety One (N)	0.88%	0.88%	Capital Markets	United Kingdom
Boubyan Bank (N)	1.05%	1.05%	Banks	Kuwait
United Electronics	1.87%	1.08%	Specialty Retail	Saudi Arabia
Shoprite Holdings	3.86%	1.55%	Food & Staples Retailing	South Africa
Attijariwafa Bank	2.45%	0.64%	Banks	Morocco

(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-Sep-2020)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Saudi British Bank (E)	0.00%	-2.27%	Banks	Saudi Arabia
Mabanee Co SAK (E)	0.00%	-1.86%	Real Estate Management & Development	Kuwait
Absa (E)	0.00%	-1.50%	Banks	South Africa
Sanlam	2.22%	-1.76%	Insurance	South Africa
Label Vie	3.01%	-1.41%	Food & Staples Retailing	Morocco
AVI (E)	0.00%	-0.78%	Food Products	South Africa
Network International Holdings	1.03%	-0.99%	IT Services	United Arab Emirates
Saudi Basic Industries	3.16%	-0.19%	Chemicals	Saudi Arabia
Kuwait Finance House KSCP	1.45%	-0.33%	Banks	Kuwait
Mouwasat Medical Services	3.55%	0.98%	Health Care Providers & Services	Saudi Arabia

(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-Sep-2020)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Al Rajhi Bank	8.49%	Banks	Saudi Arabia
Mouwasat Medical Services	3.55%	Health Care Providers & Services	Saudi Arabia
Shoprite Holdings	3.86%	Food & Staples Retailing	South Africa
FirstRand	4.57%	Diversified Financial Services	South Africa
Capitec Bank Holdings	2.53%	Banks	South Africa
Fawry for Banking & Payment Tech Ser SAE	1.34%	IT Services	Egypt
National Bank of Kuwait	5.84%	Banks	Kuwait
United Electronics	1.87%	Specialty Retail	Saudi Arabia
Dr Sulaiman Al Habib Medical Services	1.28%	Health Care Providers & Services	Saudi Arabia
Yanbu National Petrochemical	1.73%	Chemicals	Saudi Arabia

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

Against this backdrop, the portfolio lagged its benchmark.

Stock selection and an overweight position in South Africa detracted the most, while our Rwandan holding also dragged.

Conversely, underweighting Bahrain and Morocco boosted relative performance.

On a sector basis, materials dragged while consumer discretionary added value.

Detractors (30-Sep-2020)

Detractors	% of Fund	Industry	Country
Network International Holdings	1.04%	IT Services	United Arab Emirates
Bk	0.78%	Banks	Rwanda
Naspers	9.55%	Internet & Direct Marketing Retail	South Africa
Sanlam	2.22%	Insurance	South Africa
Mabanee Co SAK	0.00%	Real Estate Management & Development	Kuwait
Ninety One	0.88%	Capital Markets	United Kingdom
Integrated Diagnostics Holdings	1.47%	Health Care Providers & Services	Egypt
Bid	1.30%	Food & Staples Retailing	South Africa
Label Vie	3.01%	Food & Staples Retailing	Morocco
Vodacom Tanzania	0.33%	Wireless Telecommunication Services	Tanzania

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

N/A indicates Not Available.

Holdings (30-Sep-2020)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares	Sector	Industry	Country
Naspers	9.62%	-0.03	$424,462.78	2,414	Consumer Discretionary	Internet & Direct Marketing Retail	South Africa
Al Rajhi Bank	8.63%	2.07	$380,910.61	21,734	Financials	Banks	Saudi Arabia
National Bank of Kuwait	5.97%	0.48	$263,477.33	92,339	Financials	Banks	Kuwait
FirstRand	4.64%	0.53	$204,678.75	82,986	Financials	Diversified Financial Services	South Africa
Qatar National Bank	4.41%	0.44	$194,745.94	38,885	Financials	Banks	Qatar
Shoprite Holdings	3.91%	1.60	$172,424.98	21,142	Consumer Staples	Food & Staples Retailing	South Africa
Mouwasat Medical Services	3.62%	1.05	$159,666.72	4,782	Health Care	Health Care Providers & Services	Saudi Arabia
National Commercial Bank	3.29%	1.17	$145,044.79	14,590	Financials	Banks	Saudi Arabia
Saudi Basic Industries	3.22%	-0.12	$142,315.19	6,021	Materials	Chemicals	Saudi Arabia
First Abu Dhabi Bank	3.13%	-0.45	$138,232.37	44,717	Financials	Banks	United Arab Emirates
Label Vie	3.07%	-1.35	$135,495.79	423	Consumer Staples	Food & Staples Retailing	Morocco
Helios Towers	2.91%	0.32	$128,542.29	63,685	Communication Services	Diversified Telecommunication Services	United Kingdom
Capitec Bank Holdings	2.53%	0.61	$111,582.91	1,823	Financials	Banks	South Africa
Attijariwafa Bank	2.45%	N/A	$108,210.83	2,842	Financials	Banks	Morocco
Sanlam	2.26%	-1.71	$99,946.09	31,951	Financials	Insurance	South Africa
Commercial International Bank Egypt	2.26%	0.42	$99,582.55	23,105	Financials	Banks	Egypt
Clicks Group	2.11%	0.31	$93,006.09	7,062	Consumer Staples	Food & Staples Retailing	South Africa
United Electronics	1.90%	1.11	$83,983.28	4,506	Consumer Discretionary	Specialty Retail	Saudi Arabia
Prosus	1.89%	-0.10	$83,245.99	906	Consumer Discretionary	Internet & Direct Marketing Retail	Netherlands
Yanbu National Petrochemical	1.76%	0.24	$77,797.97	4,958	Materials	Chemicals	Saudi Arabia
Mondi	1.66%	N/A	$73,397.51	3,458	Materials	Paper & Forest Products	United Kingdom
Kuwait Finance House KSCP	1.48%	-0.29	$65,445.35	30,252	Financials	Banks	Kuwait
Integrated Diagnostics Holdings	1.48%	0.08	$65,367.22	18,259	Health Care	Health Care Providers & Services	Egypt
Fawry for Banking & Payment Tech Ser SAE	1.38%	N/A	$61,088.84	37,087	Information Technology	IT Services	Egypt
East African Breweries	1.38%	-0.05	$61,020.52	39,100	Consumer Staples	Beverages	Kenya
Bid	1.32%	0.06	$58,125.14	3,779	Consumer Staples	Food & Staples Retailing	South Africa
Dr Sulaiman Al Habib Medical Services	1.30%	0.36	$57,527.80	2,235	Health Care	Health Care Providers & Services	Saudi Arabia
Gulf Bank	1.26%	-0.01	$55,782.34	77,433	Financials	Banks	Kuwait
Equity Group Holdings	1.20%	-0.02	$52,858.83	156,200	Financials	Banks	Kenya
Mr Price	1.12%	0.03	$49,647.49	6,280	Consumer Discretionary	Specialty Retail	South Africa
Safaricom	1.07%	-0.04	$47,432.37	173,200	Communication Services	Wireless Telecommunication Services	Kenya
Boubyan Bank	1.07%	N/A	$47,113.91	24,190	Financials	Banks	Kuwait
Network International Holdings	1.06%	-0.97	$46,611.94	13,146	Information Technology	IT Services	United Arab Emirates
Anglo American	1.02%	0.12	$45,124.07	1,854	Materials	Metals & Mining	United Kingdom
Hightech Payment Systems	1.01%	0.16	$44,765.66	88	Information Technology	IT Services	Morocco
Ninety One	0.88%	N/A	$38,866.48	14,996	Financials	Capital Markets	United Kingdom
United International Transportation	0.86%	0.15	$37,818.83	4,167	Industrials & Business Services	Road & Rail	Saudi Arabia
Edita Food Industries SAE	0.84%	0.02	$37,049.81	62,922	Consumer Staples	Food Products	Egypt
Bk	0.80%	-0.37	$35,088.46	313,197	Financials	Banks	Rwanda
Vivo Energy	0.73%	-0.07	$32,098.07	33,513	Consumer Discretionary	Specialty Retail	United Kingdom
Delivery Hero	0.60%	N/A	$26,408.64	229	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Leejam Sports Co JSC	0.60%	N/A	$26,262.40	1,379	Consumer Discretionary	Hotels Restaurants & Leisure	Saudi Arabia
Transaction Capital	0.55%	N/A	$24,436.31	18,864	Financials	Consumer Finance	South Africa
Bupa Arabia For Cooperative Insurance	0.50%	N/A	$22,279.98	678	Financials	Insurance	Saudi Arabia
Vodacom Tanzania	0.33%	-0.05	$14,746.72	64,014	Communication Services	Wireless Telecommunication Services	Tanzania
Standard Chartered Bank Zambia	0.09%	-0.01	$4,028.08	80,050	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 (30-Sep-2020)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Consumer Staples	12.62%	5.68%
Financials	47.41%	41.27%
Health Care	6.40%	1.61%
Consumer Discretionary	16.45%	11.89%
Information Technology	3.45%	0.06%
Utilities	0.00%	1.07%
Industrials & Business Services	0.86%	3.13%
Real Estate	0.00%	4.08%
Energy	0.00%	4.33%
Communication Services	4.32%	8.72%
Materials	7.67%	18.17%

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-2020)

Representative Portfolio vs Benchmark
Data as of:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Health Care	0.88%	-0.02%	0.90%
Communication Services	0.27%	0.17%	0.09%
Consumer Staples	0.04%	0.10%	-0.07%
Utilities	-0.01%	-0.01%	0.00%
Industrials & Business Services	-0.04%	-0.05%	0.01%
Consumer Discretionary	-0.23%	-0.16%	-0.07%
Information Technology	-0.28%	-0.28%	0.00%
Real Estate	-0.32%	-0.05%	-0.28%
Financials	-0.76%	0.05%	-0.81%
Materials	-0.78%	-0.72%	-0.06%
Total	-1.61%	-1.33%	-0.27%

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-2020 - Oliver Bell, Portfolio Manager ,

Saudi Arabia

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Egypt

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Prosus

Consumer Discretionary

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Country Diversification (30-Sep-2020)

Monthly as of:

Country Diversification	% of Fund	% of Indicative Benchmark
United Kingdom	7.21%	0.00%
Morocco	6.54%	1.46%
Egypt	5.96%	1.45%
Kuwait	9.78%	6.49%
Kenya	3.66%	0.94%
Netherlands	1.89%	0.00%
Rwanda	0.80%	0.00%
Germany	0.60%	0.00%
Tanzania	0.33%	0.00%
Zambia	0.09%	0.00%
Cote d Ivoire	0.00%	0.05%
Senegal	0.00%	0.08%
Tunisia	0.00%	0.24%
Jordan	0.00%	0.27%
Mauritius	0.00%	0.29%
Lebanon	0.00%	0.34%
Oman	0.00%	0.54%
Bahrain	0.00%	1.01%
Nigeria	0.00%	1.11%
United Arab Emirates	4.19%	5.91%
Qatar	4.41%	8.88%
South Africa	28.06%	34.64%
Saudi Arabia	25.69%	36.33%

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-2020)

Representative Portfolio vs Benchmark
Data as of:

Country	Total Value Added %	Value from Country Weight %	Value from Stock Selection %
South Africa	0.70	0.29	0.41
Saudi Arabia	0.36	-0.34	0.70
Egypt	0.28	-0.12	0.40
Mauritius	0.06	0.06	0.00
Germany	0.04	0.04	0.00
Qatar	-0.24	-0.05	-0.19
Kuwait	-0.28	-0.17	-0.10
Morocco	-0.39	-0.17	-0.22
Rwanda	-0.53	-0.53	0.00
United Arab Emirates	-0.79	0.00	-0.79
Total	-1.61	-1.79	0.18

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 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 August 2020, Seun Oyegunle assumed co-portfolio management responsibility for the Middle East & Africa 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.

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)

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 I)

Annualised Performance

Recent Performance

Holdings

TotalHoldings

Largest Top Contributor^

Al Rajhi Bank

Largest Top Detractor^

Naspers

Top Purchase

Al Rajhi Bank

Top Sale

Saudi British Bank (E)

Saudi Arabia

Egypt

Prosus

Consumer Discretionary

Sectors

TotalSectors

Top Contributor^

Health Care

Top Detractor^

Materials

Largest Overweight

Consumer Staples

Largest Underweight

Materials

Countries

TotalCountries

Top Contributor^

South Africa

Top Detractor^

United Arab Emirates

Largest Overweight

United Kingdom

Largest Underweight

Saudi Arabia

Team (As of 01-Oct-2020)

Oliver BellCo-Portfolio Manager

Seun Oyegunle, CFACo-Portfolio Manager

Fee Schedule

Portfolio Characteristics

Risks

Risk/Return Characteristics

Calendar Year Performance (Class I)

Monthly Performance (Class I)

Purchases - 10 Largest (30-Sep-2020)

Sales - 10 Largest (30-Sep-2020)

Contributors (30-Sep-2020)

Detractors (30-Sep-2020)

Holdings (30-Sep-2020)

Sector Diversification (30-Sep-2020)

Sector Attribution - Top and Bottom Five by Total Value Added (30-Sep-2020)

Saudi Arabia

Egypt

Prosus

Consumer Discretionary

Country Diversification (30-Sep-2020)

Country Attribution - Top and Bottom Five by Total Value Added (30-Sep-2020)

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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
Countries

Oliver Bell
Co-Portfolio Manager

Seun Oyegunle, CFA
Co-Portfolio Manager

GIPS^® Information