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 %	7.61%	6.70%	1.05%	5.38%	7.27%
Indicative Benchmark %	10.83%	6.52%	1.64%	4.51%	4.49%
Excess Return %	-3.22%	0.18%	-0.59%	0.87%	2.78%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	7.61%	6.70%	1.05%	5.38%
Indicative Benchmark %	10.83%	6.52%	1.64%	4.51%
Excess Return %	-3.22%	0.18%	-0.59%	0.87%

Recent Performance

	Month to DateData as of 17-Jan-2020	Quarter to DateData as of 17-Jan-2020	Year to DateData as of 17-Jan-2020	1 MonthData as of 31-Dec-2019	3 MonthsData as of 31-Dec-2019
Fund %	0.55%	0.55%	0.55%	4.86%	6.53%
Indicative Benchmark %	0.19%	0.19%	0.19%	7.05%	8.45%
Excess Return %	0.36%	0.36%	0.36%	-2.19%	-1.92%

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-Dec-2019 - Oliver Bell, Portfolio Manager,

Middle East and Africa markets generated a strong return over the month, outperforming their developed peers but slightly lagging emerging markets. Growing optimism over global trade—the U.S. and China agreed to a “phase one” trade deal—and accommodative policies from major central banks supported risk assets. Within the portfolio, stock selection and an underweight position in strongly performing South Africa had the most negative impact on relative performance. Much of the market’s gain was attributable to the robust performance of index heavyweight Naspers, a global internet group and one of the largest technology investors in the world. Naspers’ shares took their direction from the share price rally in Chinese internet company Tencent, in which it is the largest shareholder. Our underweight exposure to Naspers dragged. We did, however, benefit from our overweight holding in Naspers’ international listing, Prosus. Elsewhere, our position in Integrated Diagnostics was another sizeable laggard, as the Egyptian diagnostics provider released weaker-than-expected third-quarter results. In contrast, the top contributing stock in the portfolio was UK-listed Helios Towers, a leading infrastructure company focused on telecommunications towers. The company’s earnings margin has improved to an all-time high due to growth in the Democratic Republic of Congo.

Holdings

Total
Holdings

Largest Holding National Bank of Kuwait 6.20% Was (30-Sep-2019) 5.57%

Other View Full Holdings Quarterly data as of 31-Dec-2019

Top 10 Holdings 43.47% View Top 10 Holdings Monthly data as of 31-Dec-2019

Largest Top Contributor^

National Bank of Kuwait

By 1.32%

% of fund 6.09%

Largest Top Detractor^

Human Soft Holding

By -0.27%

% of fund 2.53%

Top Purchase

Saudi Arabian Oil (N)

2.00%

Was (30-Sep-2019) 0.00%

Top Sale

Almarai (E)

0.00%

Was (30-Sep-2019) 0.83%

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

We increased the portfolio's underweight in Saudi Arabia, prompted by the geopolitical developments relating to the drone strikes on the nation's oil fields. In contrast, we moved more overweight Kuwait. On a sector level, we reduced our exposure to financials while adding to our positions in consumer discretionary.

Saudi Arabia

Sentiment toward Saudi Arabia soured over the quarter following drone strikes on the country's oil facilities. As a result, and due to stock-specific reasons, we moved our exposure more underweight. Within financials, we sold out of Saudi Arabia's third-biggest bank, Samba Financial. Our concerns have grown about contracting asset quality and insufficient disclosure from management. A push for harmonization on exposure treatment by the central bank could also pose a headwind.

We reduced our holding in Saudi British Bank. It faces an increasing cost of risk on contracting exposure, which we anticipate will keep the share price relatively volatile in the near term. Meanwhile, Bupa Arabia for Cooperative Insurance, the largest health care provider in Saudi Arabia, reached our analyst's price target, prompting us to sell.

Kuwait

We purchased Kuwait Finance House, an Islamic bank, which has been making improvements to disclosures in recent years and divesting its non-core businesses, resulting in a higher-quality income stream. Progress has also been made in the merger of Kuwait Finance House and Ahli United Bank, to create a combined Islamic banking entity with over USD $96 billion in assets. This will help Kuwait Finance House gain scale and cope with tougher operating conditions against a weakening global backdrop.

UAE

We sold out of international logistics and transportation provider Aramex, as the company faces structural headwinds in the near to medium term, which are likely to lead to lower margins, given pricing pressure.

Having participated in the company's initial public offering (IPO) earlier in the year, we topped up our holding in UAE digital payments provider Network International. This company operates in Africa and the Middle East, one of the most underpenetrated payment regions globally. As the only pan-regional provider of digital payments at scale, we believe the company is well positioned to benefit from structural growth in this area, with a presence across the entire value chain.

Egypt

We increased our exposure to Egypt over the quarter. We added a position in Commercial International Bank, Egypt's largest private bank. This is our favored stock pick in the country. The bank is well positioned for an improved macroeconomic scenario, in our view, with ample liquidity and solid potential for corporate loan growth, particularly as interest rates come down.

We also added to our holding in baked food company Edita Food Industries, which comprises a portfolio of brands operating in the Middle East and North Africa region. The company benefits from strong demand in the region and enjoys significant pricing power.

Consumer Discretionary

At the sector level, we increased our exposure to consumer discretionary companies. We decided to switch some of our holdings from Naspers, a South African pay-TV and internet company, into its international listing. Naspers listed 26% of its business in Amsterdam in September as Prosus, with the aim of addressing the stock's net asset value (NAV) discount. 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.

Sectors

Total
Sectors

Largest Sector Financials 49.04% Was (30-Nov-2019) 46.90%

Other View complete Sector Diversification

Top Contributor^

Communication Services

Net Contribution 0.76%

Sector

0.39%

Selection 0.37%

Top Detractor^

Materials

Net Contribution -1.27%

Sector

-1.09%

Selection

-0.19%

Largest Overweight

Consumer Discretionary

By7.70%

Fund 20.53%

Indicative Benchmark 12.83%

Largest Underweight

Materials

By-15.29%

Fund 0.62%

Indicative Benchmark 15.91%

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

We remain overweight financials, which is the fund’s largest absolute sector allocation. In the month we established a position in a United Arab Emirates commercial bank. It is more domestically focused than most of its larger peers and has a strong franchise across retail and corporate banking. The bank was formed out of a three-way merger, which is due to be completed by the second quarter of 2020, and in our view, there is clear potential for cost synergies in the near term, alongside funding synergies and capital optimisation potential in the medium term.

Countries

Total
Countries

Largest Country South Africa 38.79% Was (30-Nov-2019) 37.94%

Other View complete Country Diversification

Top Contributor^

Saudi Arabia

Net Contribution 0.66%

Country

0.56%

Selection 0.10%

Top Detractor^

South Africa

Net Contribution -1.62%

Country

-0.25%

Selection

-1.37%

Largest Overweight

Kuwait

By7.52%

Fund 14.12%

Indicative Benchmark 6.60%

Largest Underweight

Saudi Arabia

By-11.81%

Fund 16.56%

Indicative Benchmark 28.38%

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

The fund’s largest absolute country allocation is South Africa, although we remain underweight. The growth environment in South Africa remains weak, given the challenging global backdrop. The government’s efforts to encourage economic growth and job creation continue, although the pace of reform has been somewhat disappointing. We are seeing plans to reform state-owned enterprises, reduce political corruption and improve financing options for small businesses. Fundamentals have troughed and domestic companies serve up particularly attractive risk/reward profiles. Longer term, we believe President Ramaphosa can drive the substantial change necessary to reverse a decade of economic demise, and many corporates should benefit when this materializes.

Team (As of 06-Jan-2020)

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%
			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 31-Dec-2019

Characteristic	Fund	Indicative Benchmark
Projected Earnings Growth Rate (IBES)	10.5%	8.7%
Price to Earnings (Current Fiscal Year)	16.3x	15.4x
Return on Equity (Current Fiscal Year)	15.7%	13.2%
Price to Book	2.8x	2.5x
Investment Weighted Median Market Cap (USD mm)	7,617	10,873
Investment Weighted Average Market Cap (USD mm)	20,102	21,884
Number of Holdings	55	364
Top 20 Holdings as % of Total	65.8%	44.3%
Portfolio Holdings Turnover (12 Months)	30.9%	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.

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 31-Dec-2019

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	-0.47%	0.00%
Beta	1.00	1.00
R-Squared	0.92	1.00
Annualized Std. Deviation	15.36%	14.71%
Information Ratio	-0.13	0.00
Sharpe Ratio	0.00	0.04
Tracking Error	4.36%	0.00%

Unless otherwise noted, index returns are shown with gross dividends reinvested.

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
Annual Report

Purchases - 10 Largest (31-Dec-2019)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Saudi Arabian Oil (N)	2.00%	2.00%	Oil, Gas & Consumable Fuels	Saudi Arabia
Helios Towers (N)	1.84%	1.84%	Wireless Telecommunication Services	United Kingdom
Abu Dhabi Commercial Bank (N)	1.26%	1.26%	Banks	United Arab Emirates
United Electronics	1.30%	0.36%	Specialty Retail	Saudi Arabia
Al Rajhi Bank	6.07%	0.05%	Banks	Saudi Arabia
National Bank of Kuwait	6.09%	0.52%	Banks	Kuwait
Prosus	5.06%	-0.03%	Internet & Direct Marketing Retail	Netherlands
Edita Food Industries SAE	1.26%	-0.16%	Food Products	Egypt
Naspers	4.77%	0.19%	Internet & Direct Marketing Retail	South Africa
Mr Price	2.50%	0.48%	Specialty Retail	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 (31-Dec-2019)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Almarai (E)	0.00%	-0.83%	Food Products	Saudi Arabia
OCI (E)	0.00%	-0.72%	Chemicals	Egypt
Dis-Chem Pharmacies	1.16%	-0.16%	Food & Staples Retailing	South Africa
Saudi Arabian Oil	2.00%	2.00%	Oil, Gas & Consumable Fuels	Saudi Arabia
Bid	1.35%	-0.29%	Food & Staples Retailing	South Africa
ADES International Holding	0.69%	-0.45%	Energy Equipment & Services	United Arab Emirates
Aluminium Bahrain (E)	0.00%	-0.29%	Metals & Mining	Bahrain
First National Bank of Botswana	0.20%	-0.09%	Banks	Botswana

(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-2019)

Quarterly as of:

Contributors	% of Fund	Industry	Country
National Bank of Kuwait	6.09%	Banks	Kuwait
Sanlam	4.51%	Insurance	South Africa
Helios Towers	1.84%	Wireless Telecommunication Services	United Kingdom
Mr Price	2.50%	Specialty Retail	South Africa
Network International Holdings	2.36%	IT Services	United Arab Emirates
Label Vie	3.08%	Food & Staples Retailing	Morocco
Mabanee Co SAK	2.43%	Real Estate Management & Development	Kuwait
Naspers	4.77%	Internet & Direct Marketing Retail	South Africa
FirstRand	4.18%	Diversified Financial Services	South Africa
Dis-Chem Pharmacies	1.16%	Food & Staples Retailing	South Africa

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 (31-Dec-2019)

Detractors	% of Fund	Industry	Country
Tullow Oil	0.18%	Oil, Gas & Consumable Fuels	United Kingdom
MTN Group	2.25%	Wireless Telecommunication Services	South Africa
Integrated Diagnostics Holdings	1.03%	Health Care Providers & Services	Egypt
Bk	1.45%	Banks	Rwanda
Edita Food Industries SAE	1.26%	Food Products	Egypt
ADES International Holding	0.69%	Energy Equipment & Services	United Arab Emirates
Human Soft Holding	2.53%	Diversified Consumer Services	Kuwait
Saudi Co For Hardware	0.35%	Specialty Retail	Saudi Arabia
Almarai	0.00%	Food Products	Saudi Arabia
Dangote Cement	0.60%	Construction Materials	Nigeria

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

N/A indicates Not Available.

Holdings (31-Dec-2019)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares	Sector	Industry	Country
National Bank of Kuwait	6.20%	0.64	$344,400.69	97,560	Financials	Banks	Kuwait
Al Rajhi Bank	6.17%	0.15	$342,636.34	19,657	Financials	Banks	Saudi Arabia
Prosus	5.15%	0.06	$285,981.54	3,831	Consumer Discretionary	Internet & Direct Marketing Retail	Netherlands
Naspers	4.85%	0.26	$269,156.50	1,646	Consumer Discretionary	Internet & Direct Marketing Retail	South Africa
Sanlam	4.58%	0.49	$254,525.26	45,078	Financials	Insurance	South Africa
Absa	4.37%	0.13	$242,433.59	22,748	Financials	Banks	South Africa
FirstRand	4.24%	0.27	$235,678.75	52,574	Financials	Diversified Financial Services	South Africa
Label Vie	2.80%	0.03	$155,673.63	555	Consumer Staples	Food & Staples Retailing	Morocco
Human Soft Holding	2.57%	-0.19	$142,815.46	14,380	Consumer Discretionary	Diversified Consumer Services	Kuwait
Mr Price	2.53%	0.51	$140,759.40	10,805	Consumer Discretionary	Specialty Retail	South Africa
Mabanee Co SAK	2.48%	0.31	$137,499.87	46,073	Real Estate	Real Estate Management & Development	Kuwait
Network International Holdings	2.39%	0.53	$132,821.37	15,680	Information Technology	IT Services	United Arab Emirates
Nedbank	2.32%	-0.05	$129,077.77	8,438	Financials	Banks	South Africa
First Abu Dhabi Bank	2.32%	-0.01	$128,591.07	31,109	Financials	Banks	United Arab Emirates
MTN Group	2.29%	-0.28	$127,069.85	21,580	Communication Services	Wireless Telecommunication Services	South Africa
Guaranty Trust Bank	2.09%	-0.05	$116,181.35	1,414,107	Financials	Banks	Nigeria
Saudi British Bank	2.06%	0.24	$114,274.35	12,366	Financials	Banks	Saudi Arabia
Saudi Arabian Oil	2.04%	N/A	$113,233.77	12,050	Energy	Oil, Gas & Consumable Fuels	Saudi Arabia
Capitec Bank Holdings	1.93%	0.36	$107,257.50	1,039	Financials	Banks	South Africa
Mouwasat Medical Services	1.88%	-0.07	$104,301.04	4,449	Health Care	Health Care Providers & Services	Saudi Arabia
Helios Towers	1.87%	N/A	$103,838.14	49,732	Communication Services	Wireless Telecommunication Services	United Kingdom
Commercial International Bank Egypt	1.82%	0.10	$100,832.10	19,771	Financials	Banks	Egypt
Kuwait Finance House KSCP	1.56%	0.21	$86,675.14	32,441	Financials	Banks	Kuwait
Psg	1.56%	0.26	$86,432.49	5,171	Financials	Diversified Financial Services	South Africa
Bk	1.48%	-0.24	$82,192.58	313,197	Financials	Banks	Rwanda
Bid	1.37%	-0.27	$75,851.82	3,218	Consumer Staples	Food & Staples Retailing	South Africa
United International Transportation	1.36%	-0.01	$75,765.62	7,788	Industrials & Business Services	Road & Rail	Saudi Arabia
Foschini	1.35%	-0.01	$74,856.51	7,015	Consumer Discretionary	Specialty Retail	South Africa
United Electronics	1.32%	0.38	$73,285.10	3,664	Consumer Discretionary	Specialty Retail	Saudi Arabia
Gulf Bank	1.31%	0.07	$72,782.74	72,820	Financials	Banks	Kuwait
Edita Food Industries SAE	1.31%	-0.11	$72,650.84	77,919	Consumer Staples	Food Products	Egypt
Abu Dhabi Commercial Bank	1.28%	N/A	$71,278.04	33,010	Financials	Banks	United Arab Emirates
AVI	1.22%	0.13	$67,795.56	10,675	Consumer Staples	Food Products	South Africa
Clicks Group	1.19%	0.23	$66,029.01	3,605	Consumer Staples	Food & Staples Retailing	South Africa
Nestle Foods Nigeria	1.18%	0.02	$65,530.39	16,116	Consumer Staples	Food Products	Nigeria
Dis-Chem Pharmacies	1.18%	-0.14	$65,527.87	34,641	Consumer Staples	Food & Staples Retailing	South Africa
Shoprite Holdings	1.08%	0.07	$60,177.63	6,695	Consumer Staples	Food & Staples Retailing	South Africa
FBN Holdings	1.08%	0.08	$59,902.34	3,521,040	Financials	Banks	Nigeria
Integrated Diagnostics Holdings	1.04%	-0.22	$57,968.00	14,492	Health Care	Health Care Providers & Services	Egypt
Famous Brands	1.03%	-0.00	$57,148.00	10,264	Consumer Discretionary	Hotels Restaurants & Leisure	South Africa
Vivo Energy	0.99%	0.03	$54,738.85	33,513	Energy	Oil, Gas & Consumable Fuels	United Kingdom
KAP Industrial Holdings	0.92%	-0.08	$50,903.01	169,787	Industrials & Business Services	Industrial Conglomerates	South Africa
Jarir Marketing	0.86%	0.00	$47,583.91	1,078	Consumer Discretionary	Specialty Retail	Saudi Arabia
National Bank of Ras Al-Khaimah PSC	0.85%	-0.03	$47,105.91	36,462	Financials	Banks	United Arab Emirates
Life Healthcare Group Holdings	0.78%	0.08	$43,127.07	24,510	Health Care	Health Care Providers & Services	South Africa
ADES International Holding	0.70%	-0.44	$38,720.40	3,148	Energy	Energy Equipment & Services	United Arab Emirates
Dangote Cement	0.62%	-0.07	$34,316.94	87,362	Materials	Construction Materials	Nigeria
Commercial International Bank Egypt	0.55%	0.02	$30,471.89	5,897	Financials	Banks	Egypt
Attijariwafa Bank	0.54%	0.02	$30,205.12	579	Financials	Banks	Morocco
Herfy Food Services	0.52%	-0.01	$28,958.90	2,024	Consumer Discretionary	Hotels Restaurants & Leisure	Saudi Arabia
Vodacom Tanzania	0.37%	-0.06	$20,338.29	64,014	Communication Services	Wireless Telecommunication Services	Tanzania
National Microfinance Bank	0.36%	-0.06	$20,053.12	21,848	Financials	Banks	Tanzania
Saudi Co For Hardware	0.35%	-0.10	$19,708.46	1,421	Consumer Discretionary	Specialty Retail	Saudi Arabia
First National Bank of Botswana	0.20%	-0.09	$11,233.53	41,888	Financials	Banks	Botswana
Tullow Oil	0.18%	-0.40	$10,171.88	12,027	Energy	Oil, Gas & Consumable Fuels	United Kingdom
Standard Chartered Bank Zambia	0.16%	-0.03	$8,760.24	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 (31-Dec-2019)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Consumer Discretionary	20.53%	12.83%
Consumer Staples	11.33%	5.78%
Financials	49.04%	43.50%
Information Technology	2.39%	0.08%
Health Care	3.70%	1.55%
Energy	3.91%	2.73%
Utilities	0.00%	1.03%
Industrials & Business Services	2.28%	3.69%
Real Estate	2.48%	5.12%
Communication Services	4.52%	7.77%
Materials	0.62%	15.91%

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-2019)

Data as of:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Communication Services	0.76%	0.39%	0.37%
Real Estate	0.51%	0.18%	0.34%
Information Technology	0.36%	0.01%	0.35%
Consumer Staples	0.30%	0.15%	0.16%
Utilities	0.11%	0.11%	0.00%
Financials	-0.17%	-0.03%	-0.14%
Energy	-0.42%	-0.15%	-0.27%
Health Care	-0.47%	0.18%	-0.66%
Consumer Discretionary	-0.71%	-0.07%	-0.64%
Materials	-1.27%	-1.09%	-0.19%
Total	-1.21%	-0.46%	-0.76%

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-Sep-2019 - Oliver Bell, Portfolio Manager,

Saudi Arabia

Kuwait

UAE

Egypt

Consumer Discretionary

Country Diversification (31-Dec-2019)

Monthly as of:

Country Diversification	% of Fund	% of Indicative Benchmark
Kuwait	14.12%	6.60%
Netherlands	5.15%	0.00%
Nigeria	4.97%	1.09%
Egypt	4.72%	1.52%
United Kingdom	3.04%	0.00%
United Arab Emirates	7.54%	5.45%
Morocco	3.35%	1.66%
Rwanda	1.48%	0.00%
Tanzania	0.73%	0.00%
Botswana	0.20%	0.00%
Zambia	0.16%	0.00%
Cote d Ivoire	0.00%	0.06%
Senegal	0.00%	0.10%
Lebanon	0.00%	0.19%
Tunisia	0.00%	0.23%
Jordan	0.00%	0.28%
Oman	0.00%	0.30%
Mauritius	0.00%	0.45%
Kenya	0.00%	0.98%
Bahrain	0.00%	1.05%
South Africa	38.79%	43.21%
Qatar	0.00%	8.46%
Saudi Arabia	16.56%	28.38%

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-2019)

Data as of:

Country	Total Value Added %	Value from Country Weight %	Value from Stock Selection %
Saudi Arabia	0.66	0.56	0.10
Qatar	0.62	0.62	0.00
United Arab Emirates	0.53	-0.04	0.57
Morocco	0.16	-0.02	0.18
Kuwait	0.10	0.23	-0.13
Tanzania	-0.15	-0.15	0.00
Rwanda	-0.29	-0.29	0.00
Netherlands	-0.33	-0.33	0.00
Egypt	-0.37	-0.20	-0.17
South Africa	-1.62	-0.25	-1.37
Total	-1.21	-0.45	-0.76

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.

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Information Ratio (5 Years)

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Strategy

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Investment Approach

Portfolio Construction

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Annualised Performance

Recent Performance

Holdings

TotalHoldings

Largest Top Contributor^

National Bank of Kuwait

Largest Top Detractor^

Human Soft Holding

Top Purchase

Saudi Arabian Oil (N)

Top Sale

Almarai (E)

Saudi Arabia

Kuwait

UAE

Egypt

Consumer Discretionary

Sectors

TotalSectors

Top Contributor^

Communication Services

Top Detractor^

Materials

Largest Overweight

Consumer Discretionary

Largest Underweight

Materials

Countries

TotalCountries

Top Contributor^

Saudi Arabia

Top Detractor^

South Africa

Largest Overweight

Kuwait

Largest Underweight

Saudi Arabia

Team (As of 06-Jan-2020)

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 (31-Dec-2019)

Sales - 10 Largest (31-Dec-2019)

Contributors (31-Dec-2019)

Detractors (31-Dec-2019)

Holdings (31-Dec-2019)

Sector Diversification (31-Dec-2019)

Sector Attribution - Top and Bottom Five by Total Value Added (31-Dec-2019)

Saudi Arabia

Kuwait

UAE

Egypt

Consumer Discretionary

Country Diversification (31-Dec-2019)

Country Attribution - Top and Bottom Five by Total Value Added (31-Dec-2019)

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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

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Countries

Oliver Bell
Portfolio Manager

Kanwal Masood
Portfolio Specialist

GIPS^® Information