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 %	-4.56%	-1.98%	4.42%	3.28%	5.92%
Indicative Benchmark %	-2.54%	-0.47%	5.63%	1.82%	3.70%
Excess Return %	-2.02%	-1.51%	-1.21%	1.46%	2.22%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	-4.56%	-1.98%	4.42%	3.28%
Indicative Benchmark %	-2.54%	-0.47%	5.63%	1.82%
Excess Return %	-2.02%	-1.51%	-1.21%	1.46%

Recent Performance

	Month to DateData as of 14-Jan-2021	Quarter to DateData as of 14-Jan-2021	Year to DateData as of 14-Jan-2021	1 MonthData as of 31-Dec-2020	3 MonthsData as of 31-Dec-2020
Fund %	2.06%	2.06%	2.06%	5.11%	15.73%
Indicative Benchmark %	2.45%	2.45%	2.45%	4.26%	12.29%
Excess Return %	-0.39%	-0.39%	-0.39%	0.85%	3.44%

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-Nov-2020 - Oliver Bell, Portfolio Manager ,

Middle Eastern and African equities climbed sharply in November, rising alongside both their emerging and developed market peers. Global sentiment was greatly boosted by the removal of the uncertainty around the U.S. presidential election as well as by several positive vaccine development announcements. South African equities were further helped by news from Aspen Pharmacare that it had struck a deal to manufacture, in South Africa, 300 million doses a year of the COVID-19 inoculation being developed by Johnson & Johnson. This helped alleviate some concern that the country would be left out of a global vaccine roll-out. Within the portfolio, the United Arab Emirates (UAE) had the most positive impact, led by our holding in digital payments company Network International. We retain our investment thesis that the company is well placed to benefit from the long-term runway of structural growth driven by the secular transition from cash to digital as well as banks outsourcing payment capabilities over time. By contrast, our holding in Fawry, an Egypt-based payment company, weighed on returns after its shares receded following strong performance earlier in the year.

Holdings

Total
Holdings

Largest Holding Naspers 9.10% Was (30-Sep-2020) 9.62%

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

Top 10 Holdings 50.12% View Top 10 Holdings Monthly data as of 31-Dec-2020

Largest Top Contributor^

Naspers

By 0.13%

% of fund 9.01%

Largest Top Detractor^

Qatar National Bank

By -2.26%

% of fund 4.09%

Top Purchase

Emirates NBD (N)

1.82%

Was (30-Sep-2020) 0%

Top Sale

National Bank of Kuwait

1.22%

Was (30-Sep-2020) 5.97%

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

We�shifted some of our exposure�in South Africa, particularly in financials, and continued to build our exposure to Saudi Arabia, although we remain significantly underweight. We increased the portfolio's exposure to materials and adjusted positioning within financials.

Saudi Arabia

Although we retained a significant underweight position in Saudi Arabia, we increased our exposure to this market over the course of the third quarter. In addition to increasing the size of our holding in National Commercial Bank, as described below, we also raised our position in consumer-oriented United Electronics. These purchases were partially funded through eliminating our holding in Saudi British Bank, a corporate and retail bank.

United Electronics engages in the wholesale and retail trading of electronics, home appliances, and communications solutions. In our opinion, it is one of the best-run consumer companies with a strong online presence and an emerging disruptive consumer finance business. We believe that market consolidation has the potential to partially offset headwinds from austerity and VAT.
While we believe that Saudi British 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 quarter, and we chose to sell out of our holding and focus on higher-conviction names within financials.

South Africa

The portfolio is overweight South Africa, but over the course of the review period, we�made a number of changes to our position, mainly through selling some of our financials exposure.

We eliminated our holding in Absa, South Africa's third-largest bank. Absa offers a complete range of retail, business, corporate, and investment banking; insurance; and wealth management products and services. We believe that shares reached a fair valuation over the period. We also 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 reduced our holding in Sanlam, a South African diversified financial services group that provides financial solutions to individual and institutional clients. The company reported disappointing second-quarter results. Coronavirus-related business impacts and any potential credit-related provision could provide further headwinds for the stock.

Kuwait

Over the course of the third quarter, we modestly reduced our overall exposure to Kuwait as we believe that the market is more likely to be adversely affected by the impact of the pandemic than other Gulf Cooperation Council markets due to lower stimulus measures. We sold out of Mabanee, a Kuwaiti real estate investor, developer, and project manager. The stock had performed well for the portfolio in 2019, as the expansion of The Avenues Kuwait shopping and entertainment retail venue was completed.

Financials

As the third quarter began, the portfolio had an overweight position in financials, and over the review period, we adjusted this exposure through positions in National Commercial Bank and Ninety One.

We added to our existing holding in National Commercial Bank, Saudi Arabia's largest bank by total assets. The bank is, in our view, best in class and has exposure to the most attractive and fastest-growing mortgage segment in the country. Despite headwinds from COVID-19 (the disease caused by the coronavirus), falling oil prices, and lower rates, we believe this bank is well positioned to withstand the current challenging period and maintain its strong position within the market.
We added a new holding in asset management firm Ninety One. The founder-led firm, that has a dual listing in the UK and South Africa, is diversified by both geographies and product, which adds a defensive nature across cycles. Although the coronavirus is likely to weigh on assets under management and revenues in the near term, the firm has a solid track record of net inflows and a strong balance sheet. Furthermore, we see the firm as a potential target for ongoing industry consolidation over the longer term.

Materials

We retained a considerable underweight position in the materials sector, but over the course of the third quarter, we modestly raised our exposure where we saw a compelling opportunity. We initiated a position in Mondi, a paper and packaging company, which has a South African listing. The company is exceptionally well managed, in our opinion, and with a strong collection of assets. In terms of its cost position, we believe Mondi has a durable moat that should allow rents to accrue to the company over the cycle. Furthermore, Mondi is a beneficiary of two long-term trends. The first is the movement away from plastic to paper packaging, and the second is paper/board cost curve inflation, driven by increasingly expensive capital and tightness in the fiber (wood supply) in Europe.

Sectors

Total
Sectors

Largest Sector Financials 43.66% Was (30-Nov-2020) 42.37%

Other View complete Sector Diversification

Top Contributor^

Financials

Net Contribution 1.40%

Sector

0.03%

Selection 1.37%

Top Detractor^

Real Estate

Net Contribution -0.22%

Sector

-0.26%

Selection

0.04%

Largest Overweight

Consumer Staples

By5.85%

Fund 11.35%

Indicative Benchmark 5.50%

Largest Underweight

Materials

By-11.45%

Fund 6.99%

Indicative Benchmark 18.44%

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

We have an overweight position in the financial services sector and over the course of the month, we added to our existing holding in Saudi Arabia’s largest bank by total assets. The bank is, in our view, best in class and has exposure to the most attractive and fastest-growing mortgage segment in the country. Despite headwinds from the coronavirus pandemic, sluggish oil prices, and lower rates, we believe this bank is well positioned to withstand the current challenging period and maintain its strong position within the market.

Countries

Total
Countries

Largest Country South Africa 32.14% Was (30-Nov-2020) 31.66%

Other View complete Country Diversification

Top Contributor^

Saudi Arabia

Net Contribution 2.19%

Country

0.42%

Selection 1.76%

Top Detractor^

Kenya

Net Contribution -0.29%

Country

-0.14%

Selection

-0.16%

Largest Overweight

United Kingdom

By7.82%

Fund 7.82%

Indicative Benchmark 0.00%

Largest Underweight

Saudi Arabia

By-6.06%

Fund 29.08%

Indicative Benchmark 35.14%

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

Over the course of the month we reduced the portfolio’s exposure to Kuwait ahead of the country’s upgrade to emerging markets status by MSCI. The market had performed very strongly in the months leading up to this adjustment and we now see more compelling opportunities in other markets within the frontier markets universe. We identified new opportunities in a UAE-based bank and a telecommunication services provider in South Africa.

Team (As of 08-Jan-2021)

Seun Oyegunle, CFA
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 31-Dec-2020

Characteristic	Fund	Benchmark
Projected Earnings Growth Rate (IBES)	8.0%	7.0%
Price to Earnings (Current Fiscal Year)	18.7x	16.0x
Return on Equity (Current Fiscal Year)	15.3%	11.6%
Price to Book	2.9x	2.3x
Investment Weighted Median Market Cap (USD mm)	11,413	10,815
Investment Weighted Average Market Cap (USD mm)	27,189	24,189
Number of Issuers	47	343
Top 20 Holdings as % of Total	71.6%	46.5%
Portfolio Holdings Turnover (12 Months)	64.7%	N/A
Percent of Portfolio in Cash	2.5%	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 31-Dec-2020

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	-0.95%	0.00%
Beta	1.00	1.00
R-Squared	0.92	1.00
Annualized Std. Deviation	18.62%	17.92%
Information Ratio	-0.23	0.00
Sharpe Ratio	0.17	0.25
Tracking Error	5.31%	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

2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
-16.27%	19.16%	24.52%	10.53%	-18.97%	7.06%	23.11%	-8.30%	7.61%	-4.56%	Fund
-12.80%	15.14%	10.47%	2.09%	-19.59%	11.62%	19.46%	-8.71%	10.83%	-2.54%	Indicative Benchmark
-3.47%	4.02%	14.05%	8.44%	0.62%	-4.56%	3.65%	0.41%	-3.22%	-2.02%	Value added

Fund
Indicative Benchmark

Purchases - 10 Largest (31-Dec-2020)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Emirates NBD (N)	1.82%	1.82%	Banks	United Arab Emirates
Telkom SA SOC (N)	1.70%	1.70%	Diversified Telecommunication Services	South Africa
National Commercial Bank	5.10%	1.81%	Banks	Saudi Arabia
Saudi British Bank (N)	1.55%	1.55%	Banks	Saudi Arabia
Emaar Properties (N)	0.97%	0.97%	Real Estate Management & Development	United Arab Emirates
United Electronics	2.91%	1.01%	Specialty Retail	Saudi Arabia
Bid	2.10%	0.78%	Food & Staples Retailing	South Africa
Al Rajhi Bank	8.88%	0.25%	Banks	Saudi Arabia
Naspers	9.01%	-0.61%	Internet & Direct Marketing Retail	South Africa
Integrated Diagnostics Holdings	2.22%	0.74%	Health Care Providers & Services	Egypt

(N) New Position.

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

United Electronics engages in the wholesale and retail trading of electronics, home appliances, and communications solutions. In our opinion, it is one of the best-run consumer companies with a strong online presence and an emerging disruptive consumer finance business. We believe that market consolidation has the potential to partially offset headwinds from austerity and VAT.
While we believe that Saudi British 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 quarter, and we chose to sell out of our holding and focus on higher-conviction names within financials.
We eliminated our holding in Absa, South Africa's third-largest bank. Absa offers a complete range of retail, business, corporate, and investment banking; insurance; and wealth management products and services. We believe that shares reached a fair valuation over the period. We also 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 reduced our holding in Sanlam, a South African diversified financial services group that provides financial solutions to individual and institutional clients. The company reported disappointing second-quarter results. Coronavirus-related business impacts and any potential credit-related provision could provide further headwinds for the stock.
We added to our existing holding in National Commercial Bank, Saudi Arabia's largest bank by total assets. The bank is, in our view, best in class and has exposure to the most attractive and fastest-growing mortgage segment in the country. Despite headwinds from COVID-19 (the disease caused by the coronavirus), falling oil prices, and lower rates, we believe this bank is well positioned to withstand the current challenging period and maintain its strong position within the market.
We added a new holding in asset management firm Ninety One. The founder-led firm, that has a dual listing in the UK and South Africa, is diversified by both geographies and product, which adds a defensive nature across cycles. Although the coronavirus is likely to weigh on assets under management and revenues in the near term, the firm has a solid track record of net inflows and a strong balance sheet. Furthermore, we see the firm as a potential target for ongoing industry consolidation over the longer term.

Sales - 10 Largest (31-Dec-2020)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
National Bank of Kuwait	1.22%	-4.75%	Banks	Kuwait
Kuwait Finance House KSCP (E)	0.00%	-1.48%	Banks	Kuwait
Commercial International Bank Egypt	0.47%	-1.79%	Banks	Egypt
Gulf Bank (E)	0.00%	-1.26%	Banks	Kuwait
Naspers	9.01%	-0.61%	Internet & Direct Marketing Retail	South Africa
Label Vie	1.89%	-1.18%	Food & Staples Retailing	Morocco
Prosus	1.05%	-0.84%	Internet & Direct Marketing Retail	Netherlands
Sanlam	1.57%	-0.69%	Insurance	South Africa
Boubyan Bank	0.20%	-0.87%	Banks	Kuwait
Bk (E)	0.00%	-0.80%	Banks	Rwanda

(E) Eliminated.

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

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

Contributors (31-Dec-2020)

Quarterly as of:

Contributors	% of Fund	Industry	Country
FirstRand	4.76%	Diversified Financial Services	South Africa
Capitec Bank Holdings	3.95%	Banks	South Africa
Naspers	9.01%	Internet & Direct Marketing Retail	South Africa
Al Rajhi Bank	8.88%	Banks	Saudi Arabia
Shoprite Holdings	4.10%	Food & Staples Retailing	South Africa

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 (31-Dec-2020)

Detractors	% of Fund	Industry	Country
National Bank of Kuwait	1.22%	Banks	Kuwait
Commercial International Bank Egypt	0.47%	Banks	Egypt
Qatar National Bank	4.09%	Banks	Qatar
East African Breweries	0.63%	Beverages	Kenya
Telkom SA SOC	1.70%	Diversified Telecommunication Services	South Africa

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

N/A indicates Not Available.

Holdings (31-Dec-2020)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares	Sector	Industry	Country
Naspers	9.10%	-0.52	$470,047.59	2,281	Consumer Discretionary	Internet & Direct Marketing Retail	South Africa
Al Rajhi Bank	8.94%	0.31	$461,865.68	23,546	Financials	Banks	Saudi Arabia
National Commercial Bank	5.13%	1.85	$265,114.59	22,952	Financials	Banks	Saudi Arabia
FirstRand	4.80%	0.17	$248,086.73	71,218	Financials	Diversified Financial Services	South Africa
Shoprite Holdings	4.14%	0.23	$213,755.12	22,371	Consumer Staples	Food & Staples Retailing	South Africa
Qatar National Bank	4.12%	-0.29	$212,674.97	43,417	Financials	Banks	Qatar
Capitec Bank Holdings	3.99%	1.46	$205,823.66	2,105	Financials	Banks	South Africa
Mouwasat Medical Services	3.57%	-0.05	$184,225.66	5,009	Health Care	Health Care Providers & Services	Saudi Arabia
First Abu Dhabi Bank	3.39%	0.26	$175,071.62	49,808	Financials	Banks	United Arab Emirates
United Electronics	2.94%	1.03	$151,583.77	6,573	Consumer Discretionary	Specialty Retail	Saudi Arabia
Attijariwafa Bank	2.78%	0.33	$143,713.48	3,018	Financials	Banks	Morocco
Helios Towers	2.58%	-0.34	$133,093.55	63,685	Communication Services	Diversified Telecommunication Services	United Kingdom
Saudi Basic Industries	2.43%	-0.80	$125,435.15	4,643	Materials	Chemicals	Saudi Arabia
Integrated Diagnostics Holdings	2.24%	N/A	$115,667.20	105,152	Health Care	Health Care Providers & Services	Egypt
Bid	2.12%	0.80	$109,524.03	6,101	Consumer Staples	Food & Staples Retailing	South Africa
Clicks Group	2.04%	-0.06	$105,537.84	6,120	Consumer Staples	Food & Staples Retailing	South Africa
Label Vie	1.91%	-1.16	$98,646.54	274	Consumer Staples	Food & Staples Retailing	Morocco
Emirates NBD	1.84%	N/A	$94,966.84	33,837	Financials	Banks	United Arab Emirates
Anglo American	1.78%	0.75	$91,756.76	2,772	Materials	Metals & Mining	United Kingdom
Telkom SA SOC	1.72%	N/A	$88,644.42	42,293	Communication Services	Diversified Telecommunication Services	South Africa
Fawry for Banking & Payment Tech Ser SAE	1.64%	0.26	$84,789.97	39,784	Information Technology	IT Services	Egypt
Sanlam	1.58%	-0.68	$81,661.38	20,366	Financials	Insurance	South Africa
Saudi British Bank	1.56%	N/A	$80,612.84	12,242	Financials	Banks	Saudi Arabia
Mondi	1.43%	-0.24	$73,655.75	3,136	Materials	Paper & Forest Products	United Kingdom
Mr Price	1.42%	0.29	$73,142.37	6,280	Consumer Discretionary	Specialty Retail	South Africa
Yanbu National Petrochemical	1.35%	-0.41	$69,914.48	4,107	Materials	Chemicals	Saudi Arabia
Ninety One	1.29%	0.41	$66,627.80	21,282	Financials	Capital Markets	United Kingdom
Hightech Payment Systems	1.24%	0.23	$64,255.26	88	Information Technology	IT Services	Morocco
National Bank of Kuwait	1.23%	-4.74	$63,709.10	23,066	Financials	Banks	Kuwait
Transaction Capital	1.23%	0.68	$63,621.37	37,452	Financials	Consumer Finance	South Africa
Safaricom	1.16%	0.08	$59,694.65	190,500	Communication Services	Wireless Telecommunication Services	Kenya
Network International Holdings	1.14%	0.08	$58,645.99	13,146	Information Technology	IT Services	United Arab Emirates
Leejam Sports Co JSC	1.08%	0.49	$56,017.31	2,719	Consumer Discretionary	Hotels Restaurants & Leisure	Saudi Arabia
Prosus	1.06%	-0.83	$54,748.27	505	Consumer Discretionary	Internet & Direct Marketing Retail	Netherlands
Delivery Hero	1.02%	0.42	$52,563.78	341	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Emaar Properties	0.98%	N/A	$50,436.20	52,421	Real Estate	Real Estate Management & Development	United Arab Emirates
Dr Sulaiman Al Habib Medical Services	0.83%	-0.48	$42,666.11	1,469	Health Care	Health Care Providers & Services	Saudi Arabia
United International Transportation	0.82%	-0.04	$42,191.94	4,167	Industrials & Business Services	Road & Rail	Saudi Arabia
Vivo Energy	0.75%	0.03	$38,909.95	33,513	Consumer Discretionary	Specialty Retail	United Kingdom
East African Breweries	0.62%	-0.76	$32,176.58	22,800	Consumer Staples	Beverages	Kenya
Equity Group Holdings	0.60%	-0.60	$30,798.31	92,100	Financials	Banks	Kenya
Edita Food Industries SAE	0.52%	-0.32	$26,647.15	47,090	Consumer Staples	Food Products	Egypt
Commercial International Bank Egypt	0.47%	-1.79	$24,247.50	6,466	Financials	Banks	Egypt
Bupa Arabia For Cooperative Insurance	0.43%	-0.08	$22,070.01	678	Financials	Insurance	Saudi Arabia
Vodacom Tanzania	0.26%	-0.07	$13,464.08	58,421	Communication Services	Wireless Telecommunication Services	Tanzania
Boubyan Bank	0.20%	-0.87	$10,286.83	5,507	Financials	Banks	Kuwait
Standard Chartered Bank Zambia	0.07%	-0.02	$3,581.64	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-2020)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Consumer Staples	11.35%	5.50%
Consumer Discretionary	17.37%	11.68%
Health Care	6.63%	1.79%
Information Technology	4.02%	0.07%
Financials	43.66%	41.04%
Utilities	0.00%	1.16%
Industrials & Business Services	0.82%	3.38%
Communication Services	5.71%	8.64%
Real Estate	0.98%	4.16%
Energy	0.00%	4.13%
Materials	6.99%	18.44%

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

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

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

Representative Portfolio vs Benchmark
Data as of:

Sector	Total Value Added %	Value from SectorWeight %	Value from Stock Selection %
Financials	1.40%	0.03%	1.37%
Consumer Discretionary	0.91%	0.24%	0.67%
Information Technology	0.67%	1.13%	-0.46%
Energy	0.51%	0.51%	0.00%
Consumer Staples	0.37%	-0.09%	0.45%
Materials	0.04%	-0.11%	0.15%
Utilities	-0.00%	-0.00%	0.00%
Industrials & Business Services	-0.10%	-0.08%	-0.02%
Communication Services	-0.21%	0.02%	-0.24%
Real Estate	-0.22%	-0.26%	0.04%
Total	3.28%	0.88%	2.41%

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

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

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

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

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

Saudi Arabia

United Electronics engages in the wholesale and retail trading of electronics, home appliances, and communications solutions. In our opinion, it is one of the best-run consumer companies with a strong online presence and an emerging disruptive consumer finance business. We believe that market consolidation has the potential to partially offset headwinds from austerity and VAT.
While we believe that Saudi British 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 quarter, and we chose to sell out of our holding and focus on higher-conviction names within financials.

South Africa

The portfolio is overweight South Africa, but over the course of the review period, we�made a number of changes to our position, mainly through selling some of our financials exposure.

We eliminated our holding in Absa, South Africa's third-largest bank. Absa offers a complete range of retail, business, corporate, and investment banking; insurance; and wealth management products and services. We believe that shares reached a fair valuation over the period. We also 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 reduced our holding in Sanlam, a South African diversified financial services group that provides financial solutions to individual and institutional clients. The company reported disappointing second-quarter results. Coronavirus-related business impacts and any potential credit-related provision could provide further headwinds for the stock.

Kuwait

Financials

As the third quarter began, the portfolio had an overweight position in financials, and over the review period, we adjusted this exposure through positions in National Commercial Bank and Ninety One.

We added to our existing holding in National Commercial Bank, Saudi Arabia's largest bank by total assets. The bank is, in our view, best in class and has exposure to the most attractive and fastest-growing mortgage segment in the country. Despite headwinds from COVID-19 (the disease caused by the coronavirus), falling oil prices, and lower rates, we believe this bank is well positioned to withstand the current challenging period and maintain its strong position within the market.
We added a new holding in asset management firm Ninety One. The founder-led firm, that has a dual listing in the UK and South Africa, is diversified by both geographies and product, which adds a defensive nature across cycles. Although the coronavirus is likely to weigh on assets under management and revenues in the near term, the firm has a solid track record of net inflows and a strong balance sheet. Furthermore, we see the firm as a potential target for ongoing industry consolidation over the longer term.

Materials

Country Diversification (31-Dec-2020)

Monthly as of:

Country Diversification	% of Fund	% of Indicative Benchmark
United Kingdom	7.82%	0.00%
Morocco	5.94%	1.56%
Egypt	4.87%	1.23%
Kenya	2.38%	0.89%
United Arab Emirates	7.34%	6.17%
Netherlands	1.06%	0.00%
Germany	1.02%	0.00%
Tanzania	0.26%	0.00%
Zambia	0.07%	0.00%
Cote d Ivoire	0.00%	0.05%
Senegal	0.00%	0.08%
Lebanon	0.00%	0.19%
Jordan	0.00%	0.20%
Tunisia	0.00%	0.22%
Mauritius	0.00%	0.28%
Oman	0.00%	0.50%
Nigeria	0.00%	0.75%
Bahrain	0.00%	0.92%
Qatar	4.12%	8.39%
Kuwait	1.43%	5.99%
South Africa	32.14%	37.42%
Saudi Arabia	29.08%	35.14%

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

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

Representative Portfolio vs Benchmark
Data as of:

Country	Total Value Added %	Value from CountryWeight %	Value from Stock Selection %
Saudi Arabia	2.19	0.42	1.76
Morocco	0.55	0.28	0.27
Qatar	0.27	0.46	-0.19
Egypt	0.23	-0.47	0.70
Germany	0.22	0.22	0.00
Zambia	-0.01	-0.01	0.00
Rwanda	-0.03	-0.03	0.00
Nigeria	-0.17	-0.17	0.00
Kuwait	-0.21	-0.10	-0.11
Kenya	-0.29	-0.14	-0.16
Total	3.28	0.11	3.17

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 January 2021, Seun Oyegunle assumed sole 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.

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3YR Return Annualised (View Total Returns)

Total Assets (USD)

1YR Return (View Total Returns)

Manager Tenure

Information Ratio (5 Years)

Tracking Error (5 Years)

Other Literature

Strategy

Investment Objective

Investment Approach

Portfolio Construction

Performance (Class I)

Annualised Performance

Recent Performance

Holdings

TotalHoldings

Largest Top Contributor^

Naspers

Largest Top Detractor^

Qatar National Bank

Top Purchase

Emirates NBD (N)

Top Sale

National Bank of Kuwait

Saudi Arabia

South Africa

Kuwait

Financials

Materials

Sectors

TotalSectors

Top Contributor^

Financials

Top Detractor^

Real Estate

Largest Overweight

Consumer Staples

Largest Underweight

Materials

Countries

TotalCountries

Top Contributor^

Saudi Arabia

Top Detractor^

Kenya

Largest Overweight

United Kingdom

Largest Underweight

Saudi Arabia

Team (As of 08-Jan-2021)

Seun Oyegunle, CFAPortfolio Manager

Fee Schedule

Portfolio Characteristics

Risks

Risk/Return Characteristics

Calendar Year Performance

Monthly Performance (Class I)

Purchases - 10 Largest (31-Dec-2020)

Sales - 10 Largest (31-Dec-2020)

Contributors (31-Dec-2020)

Detractors (31-Dec-2020)

Holdings (31-Dec-2020)

Sector Diversification (31-Dec-2020)

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

Saudi Arabia

South Africa

Kuwait

Financials

Materials

Country Diversification (31-Dec-2020)

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

GIPS^® Information

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

1YR Return
(View Total Returns)

Information Ratio
(5 Years)

Tracking Error
(5 Years)

Total
Holdings

Total
Sectors

Total
Countries

Seun Oyegunle, CFA
Portfolio Manager