A | T. Rowe Price

Strategy

Manager's Outlook

Japan is more exposed to the global economic cycle than many other markets. Therefore, we believe that the country is well positioned to benefit from the unprecedented fiscal and monetary easing measures implemented globally to support economies and an improvement in earnings from depressed levels as the global economy enters the recovery stage.

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Japanese corporates are also cash rich; this should help them weather the near-term crisis and also make progress in ongoing corporate governance reform.

We believe that the coronavirus pandemic will lead to an acceleration in trends that we are already seeing, such as the shift from offline to online in the form of e-commerce and factory automation. We also see opportunities in companies with exposure to China, where the economy appears to be reopening.

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 widely diversified portfolio of stocks of companies in Japan.

Investment Approach

Macroeconomic factors have a role, but our approach is primarily bottom-up and research driven.
Growth opportunities are found across the capitalization spectrum and across market sectors.
Risk is managed at stock, sector, and cap-range levels.
Portfolio rebalancing is an effective risk management tool.

Portfolio Construction

Typically 80-110 stock portfolio
Minimum individual position size is 0.40%
Individual position sizes can range +/- 2.00% relative to the benchmark
Sector weightings vary from +/- 10% of the benchmark
Tracking error expected to range between 300 and 600 bps
Target reserves less than 5%

Performance (Class A)

Annualised Performance

Calculated:

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised	Since Manager Inception Annualised
Fund %	7.32%	6.42%	7.78%	9.70%	10.39%
Indicative Benchmark %	-5.56%	0.73%	1.67%	6.78%	6.48%
Excess Return %	12.88%	5.69%	6.11%	2.92%	3.91%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	15.09%	8.27%	8.88%	10.02%
Indicative Benchmark %	3.99%	2.77%	3.43%	7.22%
Excess Return %	11.10%	5.50%	5.45%	2.80%

Recent Performance

	Month to DateData as of 12-Aug-2020	Quarter to DateData as of 12-Aug-2020	Year to DateData as of 12-Aug-2020	1 MonthData as of 31-Jul-2020	3 MonthsData as of 31-Jul-2020
Fund %	4.62%	-0.56%	1.28%	-4.95%	0.59%
Indicative Benchmark %	6.33%	-1.10%	-8.76%	-6.98%	-4.16%
Excess Return %	-1.71%	0.54%	10.04%	2.03%	4.75%

Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

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

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

Effective 1 June 2019, 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-Jul-2020 - Archibald Ciganer, Portfolio Manager,

Japanese equities fell in July, underperforming their developed market peers. Value stocks continued to lag growth stocks; transportation and logistics was the weakest sector, while the information technology and services sector outperformed. Within the portfolio, the top-contributor was again SoftBank Group. The telecommunications and internet conglomerate unveiled its fourth share repurchase programme this year, announcing that it would buy back almost USD 10 billion of its own stock. SMS, a leader in nurse and care-worker recruiting, also performed strongly. Its elderly-care recruitment business has continued to benefit from favourable labour supply and demand dynamics; there was a labour shortage even before the crisis, and now there has been strong applicant demand as workers shift from other service industries hurt by the coronavirus. Conversely, our overweight position in commercial kitchen equipment producer Hoshizaki hurt. Near-term demand has been weak, as widely expected. We believe that Hoshizaki is likely to come out stronger from this downcycle given its cash-rich balance sheet and the benign environment the company faces to make bolt-on acquisitions at a reasonable valuation.

Holdings

Total
Holdings

Largest Holding SOFTBANK GROUP CORP 5.59% Was (31-Mar-2020) 3.97%

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

Top 10 Holdings 40.99% View Top 10 Holdings Monthly data as of 31-Jul-2020

Largest Top Contributor^

SOFTBANK GROUP CORP

By 0.77%

% of fund 5.56%

Largest Top Detractor^

Nippon Telegraph & Telephone

By -0.79%

% of fund 3.58%

Top Purchase

Suzuki Motor

4.36%

Was (31-Mar-2020) 1.55%

Top Sale

NTT DOCOMO (E)

0.00%

Was (31-Mar-2020) 3.80%

30-Jun-2020 - Archibald Ciganer, Portfolio Manager,

The disparity in performance between quality defensive companies and cyclicals has been extreme. In light of these differences, we have worked hard to identify quality cyclical companies that stand to outperform as earnings expectations improve from depressed levels. We have taken the decision to increase the portfolio's turnover as we look to take advantage of these performance disparities.

Electric Appliances and Precision Instruments

We added to our cyclical exposure, particularly in the factory automation space; sentiment is depressed in this area at the moment, but we believe the demand for factory automation will be expedited by the pandemic. We increased our holding in automation solutions company FANUC. The company has highly automated and vertically integrated production facilities in Japan and a 50% share in computer control systems used extensively in the automotive industry. While FANUC's near-term earnings outlook has been negatively affected by the coronavirus, we believe the outlook over the long term remains positive.

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We also increased our position in industrial company Mitsubishi Electric. While its near-term earnings will be affected by the coronavirus pandemic and associated lockdowns, the company is focused on automating factory production, a trend that we believe will be expedited by the current crisis.

Machinery

We also increased our machinery exposure. Hoshizaki is a commercial kitchen manufacturer with a large domestic presence but also the potential to grow overseas. The coronavirus pandemic has adversely affected the company's earnings and growth prospects in 2020. However, we believe earnings will recover sharply from here as companies look to automate and improve kitchen services in response to the pandemic.

IT and Services

We reduced our overweight exposure to IT and services, although it remains the portfolio's largest sector allocation on an absolute basis. We sold our holding in NTT DoCoMo, the largest mobile carrier in Japan. It is a relatively defensive stock at this point in the recovery from the coronavirus crisis, and our preference is for other companies in the sector, which we added exposure to as a result of this sale.

Pharmaceutical

We locked in some profits in Chugai Pharmaceutical and Takeda Pharmaceutical after the sector rallied amid the global coronavirus pandemic. We are looking to add to more cyclical names that have sold off sharply recently.

Sectors

Total
Sectors

Largest Sector It & Services & Others 36.55% Was (30-Jun-2020) 34.41%

Other View complete Sector Diversification

Top Contributor^

Industrials & Business Services

Net Contribution 3.18%

Sector

-0.03%

Selection 3.21%

Top Detractor^

Materials

Net Contribution -0.06%

Sector

0.05%

Selection

-0.11%

Largest Overweight

It & Services & Others

By17.94%

Fund 36.55%

Indicative Benchmark 18.61%

Largest Underweight

Banks

By-4.83%

Fund 0.00%

Indicative Benchmark 4.83%

31-Jul-2020 - Archibald Ciganer, Portfolio Manager,

Within the electric appliances sector, we sold our holding in Zojirushi, a leading rice cooker and stainless bottle manufacturer in Japan, as the impact of the coronavirus on inbound demand has weighed on the shares. In the machinery sector, we took some profits in a leading boiler manufacturer. The company has a dominant and stable cash-generative domestic business and a growth opportunity in China which is recovering from the impact of the coronavirus. We retain our conviction in the stock.

Team (As of 05-Aug-2020)

Archibald Ciganer
Portfolio Manager

Archibald Ciganer is the portfolio manager of the Japan Equity Strategy in the International Equity Division. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Japan, Inc.

Archibald’s investment experience began in 1999, and he has been with T. Rowe Price since 2007, beginning in the International Equity groupDivision. Archibald began his career as a credit analyst with BNP Paribas in Japan. Subsequently, he served as an associate in the firm'sBNP’s Investment Banking Department and, most recently, as a vice president in Mergers and Acquisitions, where he handled a number of cross-border transactions for blue chip Japanese and foreign corporates.

Archibald earned a B.A. in finance and accounting from Institut d'Etudes Politiques de Paris (sSciences pPo.). Archibald He also has also earned the Chartered Financial Analyst^®designation.

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

Fund manager
since
2013
Years at
T. Rowe Price
12
Years investment
experience
20

Laurence Taylor
Portfolio Specialist

Laurence Taylor is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity strategies to institutional clients, consultants and prospects. Mr. Taylor is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Taylor has 19 years of investment experience, 10 of which have been with T. Rowe Price. Prior to joining the firm in 2008, Mr. Taylor was a quantitative portfolio manager at AXA Rosenberg, with responsibility for European institutional clients, and began his career at Hewitt Associates in the UK investment practice. At Hewitt, Mr. Taylor provided investment advice to European institutions as a client-facing consultant before specializing in the research and selection of global and regional equity managers in the manager research team.

Mr. Taylor obtained his B.A., with honours, from Greenwich University and has earned the Chartered Financial Analyst designation.

Years at
T. Rowe Price
11
Years investment
experience
20

Fee Schedule

Share Class	Minimum Initial Investment and Holding Amount (EUR)	Minimum Subsequent Investment (EUR)	Minimum Redemption Amount (EUR)	Sales Charge (up to)	Investment Management Fee (up to)	Ongoing Charges
Class A	€1,000	€100	€100	5.00%	160 basis points	1.71%
Class I	€2,500,000	€100,000	€0	0.00%	75 basis points	0.81%
Class Q	€1,000	€100	€100	0.00%	75 basis points	0.86%

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

Portfolio Characteristics

as of 31-Jul-2020

Characteristic	Fund	Indicative Benchmark
Projected Earnings Growth Rate - IBES (3-5 years)	9.2%	5.5%
Price to Earnings (Current Fiscal Year)	32.6x	19.2x
Return on Equity (Current Fiscal Year)	10.3%	10.1%
Price to Book	2.6x	1.6x
Investment Weighted Median Market Cap (EUR mm)	12,184	16,945
Investment Weighted Average Market Cap (EUR mm)	28,527	28,778
Number of Holdings	57	2,165
Top 20 Holdings as % of Total	62.6%	27.8%
Portfolio Holdings Turnover (12 Months)	44.7%	N/A
Percent of Portfolio in Cash	2.1%	0.0%
Active Share Percentage	80.18%	N/A

Statistics are Investment Weighted Median unless otherwise noted.

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

Risks

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

Capital risk
Currency risk
Equity risk
Geographic concentration risk
Hedging risk
Investment fund risk
Management risk
Market risk
Operational risk
Small and mid-cap risk
Style risk
Volatility risk

Risk/Return Characteristics

as of 31-Jul-2020

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	6.22%	0.00%
Beta	0.98	1.00
R-Squared	0.81	1.00
Annualized Std. Deviation	14.20%	13.23%
Information Ratio	0.97	0.00
Sharpe Ratio	0.56	0.14
Tracking Error	6.34%	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 A)

2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
20.78%	-8.18%	7.24%	24.74%	3.47%	26.41%	13.57%	14.75%	-9.52%	26.62%	Fund
23.77%	-9.73%	5.71%	21.37%	9.74%	24.05%	6.20%	10.80%	-9.68%	20.98%	Indicative Benchmark
-2.99%	1.55%	1.53%	3.37%	-6.27%	2.36%	7.37%	3.95%	0.16%	5.64%	Value added

Fund
Indicative Benchmark

Purchases - 10 Largest (30-Jun-2020)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Suzuki Motor	4.36%	2.81%	Transportation Equipment	Japan
Hoshizaki	5.15%	2.54%	Machinery	Japan
Mitsubishi Electric	3.65%	1.38%	Electric Appliances	Japan
FANUC	3.54%	1.80%	Electric Appliances	Japan
Fast Retailing	2.59%	1.92%	Retail Trade	Japan
Kubota	2.77%	1.21%	Machinery	Japan
Fujitec	1.96%	1.38%	Machinery	Japan
SOFTBANK GROUP CORP	5.55%	1.58%	Information & Communication	Japan
Sumitomo Electric Industries	1.75%	0.70%	Nonferrous Metals	Japan
Softbank Corp	2.06%	0.48%	Information & Communication	Japan

(N) New Position.

31-Dec-2018 - Archibald Ciganer, Portfolio Manager,

FamilyMart UNY: The company was formed following a merger of FamilyMart and UNY Group in 2016. We originally added the name on expectation that synergies from the merger would start to come through. Since then, the stock has outperformed as the market has come to appreciate the potential of the merger and synergies. We trimmed our position to reflect the outperformance and what we believe to be reduced further upside.

Fast Retailing: We trimmed our position in this apparel retailer and operator of the Uniqlo chain following very strong outperformance. Consensus expectations are now broadly in line with ours, and we believe there could be some more difficult quarters, with weather effects affecting earnings. We have taken some profits but continue to like the long-term fundamentals and opportunity, particularly in Asia and China.
Shimadzu: The company manufactures scientific instruments for the farming and food industry. It has established a global position in a cyclically growing industry and, in our view, will likely benefit from the increased demand in food safety and environmental regulation. Shimadzu also has exposure to developed and emerging markets with scope to increase margins.

Nakanishi: This manufacturer of dental equipment has have been taking market share with superior technology and brand recognition. We continue to like the stock and the thesis remains intact, but the stock has outperformed by ~70% over the past 18 months.

Zojirushi: We trimmed the size of the position in this manufacturer of rice cookers on concerns about margin pressure over the next two years. The company is also likely to be hurt by a slowing China consumer, and this is likely to weigh on the stock over the near term. In light of these factors, we reduced our position during the quarter but will look to add on any pullback.

Sales - 10 Largest (30-Jun-2020)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Chugai Pharmaceutical	2.33%	-2.79%	Pharmaceutical	Japan
NTT DOCOMO (E)	0.00%	-3.80%	Information & Communication	Japan
Miura	3.50%	-1.71%	Machinery	Japan
Takeda Pharmaceutical	1.49%	-1.14%	Pharmaceutical	Japan
GMO Payment Gateway	1.38%	-0.60%	Information & Communication	Japan
Kyowa Kirin	1.30%	-1.09%	Pharmaceutical	Japan
Nippon Paint Holdings	0.77%	-0.74%	Chemicals	Japan
CyberAgent	0.84%	-0.58%	Services	Japan
Shimano (E)	0.00%	-0.63%	Transportation Equipment	Japan
Sansan	0.62%	-0.87%	Information & Communication	Japan

(E) Eliminated.

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

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

Contributors (30-Jun-2020)

Quarterly as of:

Contributors	% of Fund	Industry	Country
SOFTBANK GROUP CORP	5.56%	Information & Communication	Japan
Keyence	4.79%	Electric Appliances	Japan
Chugai Pharmaceutical	2.34%	Pharmaceutical	Japan
Daikin Industries	3.35%	Machinery	Japan
GMO Payment Gateway	1.38%	Information & Communication	Japan
UT	1.96%	Services	Japan
Miura	3.51%	Machinery	Japan
Recruit Holdings	2.23%	Services	Japan
Benefit One	0.72%	Services	Japan
Nippon Paint Holdings	0.77%	Chemicals	Japan

30-Jun-2020 - Archibald Ciganer, Portfolio Manager,

Against this backdrop, the portfolio generated a robust return and significantly outperformed its benchmark.

Stock selection and, to a lesser extent, an overweight in information IT and services made the strongest contribution to relative returns, while machinery was a further area of strength.

Conversely, stock selection in electric appliances and precision instruments hindered performance slightly.

Detractors (30-Jun-2020)

Detractors	% of Fund	Industry	Country
NTT DOCOMO	0.00%	Information & Communication	Japan
Nippon Telegraph & Telephone	3.58%	Information & Communication	Japan
Daio Paper	2.80%	Pulp And Paper	Japan
Sansan	0.62%	Information & Communication	Japan
Pigeon	0.53%	Other Products	Japan
Shimadzu	1.28%	Precision Instruments	Japan
Oriental Land	1.05%	Services	Japan
Medley	0.56%	Information & Communication	Japan
Softbank Corp	2.07%	Information & Communication	Japan
Pola Orbis Holdings	0.00%	Chemicals	Japan

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

N/A indicates Not Available.

Holdings (30-Jun-2020)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (EUR)	Shares	Sector	Industry	Country
SOFTBANK GROUP CORP	5.59%	1.62	€83,610,785.42	1,852,800	It & Services & Others	Information & Communication	Japan
Hoshizaki	5.19%	2.57	€77,611,880.32	1,014,600	Machinery	Machinery	Japan
Keyence	4.81%	0.51	€71,990,443.25	193,100	Electric Appliances And Precision Instruments	Electric Appliances	Japan
Suzuki Motor	4.39%	2.84	€65,696,287.72	2,170,100	Automobiles And Transportation Equipment	Transportation Equipment	Japan
Mitsubishi Electric	3.67%	1.41	€54,995,686.37	4,746,500	Electric Appliances And Precision Instruments	Electric Appliances	Japan
Nippon Telegraph & Telephone	3.60%	-0.68	€53,840,181.80	2,583,800	It & Services & Others	Information & Communication	Japan
FANUC	3.54%	1.80	€52,951,094.15	334,100	Electric Appliances And Precision Instruments	Electric Appliances	Japan
Miura	3.51%	-1.69	€52,570,381.46	1,418,800	Machinery	Machinery	Japan
Daikin Industries	3.37%	0.40	€50,379,651.25	350,700	Machinery	Machinery	Japan
Daio Paper	2.81%	-0.53	€42,026,586.77	3,523,700	Raw Materials And Chemicals	Pulp And Paper	Japan
Kubota	2.79%	1.24	€41,827,905.42	3,140,100	Machinery	Machinery	Japan
Fast Retailing	2.61%	1.94	€39,069,594.57	76,500	Retail Trade	Retail Trade	Japan
Chugai Pharmaceutical	2.35%	-2.77	€35,130,612.91	736,300	Pharmaceutical	Pharmaceutical	Japan
SMS	2.34%	-0.00	€35,015,611.69	1,751,700	It & Services & Others	Services	Japan
Recruit Holdings	2.24%	0.29	€33,451,883.77	1,100,300	It & Services & Others	Services	Japan
Solasto	2.20%	-0.46	€32,914,006.98	3,713,300	It & Services & Others	Services	Japan
Softbank Corp	2.08%	0.49	€31,060,991.85	2,726,600	It & Services & Others	Information & Communication	Japan
Fujitec	1.97%	1.40	€29,519,796.60	1,802,000	Machinery	Machinery	Japan
UT	1.97%	1.34	€29,517,362.65	1,454,300	It & Services & Others	Services	Japan
Sumitomo Electric Industries	1.76%	0.71	€26,346,732.92	2,570,900	Steel And Nonferrous Metals	Nonferrous Metals	Japan
Fancl	1.60%	0.57	€23,962,904.78	906,600	Raw Materials And Chemicals	Chemicals	Japan
Freee KK	1.56%	0.38	€23,401,575.55	578,600	It & Services & Others	Information & Communication	Japan
Hikari Tsushin	1.51%	0.21	€22,600,355.43	111,200	It & Services & Others	Information & Communication	Japan
Kansai Paint	1.50%	-0.09	€22,486,398.88	1,194,600	Raw Materials And Chemicals	Chemicals	Japan
Takeda Pharmaceutical	1.50%	-1.13	€22,398,522.09	706,100	Pharmaceutical	Pharmaceutical	Japan
Murata Manufacturing	1.46%	-0.01	€21,776,131.70	416,300	Electric Appliances And Precision Instruments	Electric Appliances	Japan
Nintendo	1.42%	-0.03	€21,280,748.25	53,600	It & Services & Others	Other Products	Japan
GMO Payment Gateway	1.39%	-0.59	€20,799,927.06	223,600	It & Services & Others	Information & Communication	Japan
Sumitomo Densetsu	1.36%	-0.21	€20,371,671.54	1,032,500	Construction And Materials	Construction	Japan
Kyowa Kirin	1.31%	-1.08	€19,629,787.41	838,200	Pharmaceutical	Pharmaceutical	Japan
Shimadzu	1.29%	-0.20	€19,242,867.93	811,600	Electric Appliances And Precision Instruments	Precision Instruments	Japan
Hoshino Resorts REIT	1.17%	0.19	€17,496,886.89	4,548	Real Estate	Real Estate	Japan
Hamamatsu Photonics KK	1.16%	-0.13	€17,331,153.52	448,200	Electric Appliances And Precision Instruments	Electric Appliances	Japan
Oriental Land	1.06%	0.23	€15,819,129.73	134,200	It & Services & Others	Services	Japan
TechnoPro Holdings	1.04%	0.04	€15,507,794.85	304,100	It & Services & Others	Services	Japan
Ezaki Glico	1.02%	-0.04	€15,317,555.03	359,700	Foods	Foods	Japan
NET One Systems	0.88%	0.24	€13,202,139.32	444,600	It & Services & Others	Information & Communication	Japan
CyberAgent	0.85%	-0.57	€12,650,765.94	289,000	It & Services & Others	Services	Japan
Nippon Seiki	0.81%	-0.11	€12,146,477.83	1,167,400	Automobiles And Transportation Equipment	Transportation Equipment	Japan
SMC	0.78%	0.51	€11,647,605.59	25,500	Machinery	Machinery	Japan
Nippon Paint Holdings	0.77%	-0.74	€11,575,973.58	178,400	Raw Materials And Chemicals	Chemicals	Japan
JINS Holdings	0.75%	-0.07	€11,259,669.11	207,700	Retail Trade	Retail Trade	Japan
Demae-Can	0.73%	0.15	€10,953,600.32	844,800	It & Services & Others	Information & Communication	Japan
Benefit One	0.72%	-0.30	€10,763,744.95	601,200	It & Services & Others	Services	Japan
Welcia Holdings	0.69%	-0.02	€10,332,107.18	143,400	Retail Trade	Retail Trade	Japan
Sumitomo Seika Chemicals	0.65%	0.15	€9,767,515.28	336,800	Raw Materials And Chemicals	Chemicals	Japan
Money Forward	0.65%	-0.33	€9,765,751.14	197,500	It & Services & Others	Information & Communication	Japan
Nippon Ceramic	0.63%	0.19	€9,449,487.48	501,700	Electric Appliances And Precision Instruments	Electric Appliances	Japan
Sansan	0.63%	-0.86	€9,388,243.21	274,900	It & Services & Others	Information & Communication	Japan
Disco	0.61%	0.41	€9,197,788.58	42,600	Machinery	Machinery	Japan
Pan Pacific International Holdings	0.59%	-0.49	€8,872,570.56	452,300	Retail Trade	Retail Trade	Japan
Medley	0.56%	N/A	€8,360,841.48	272,500	It & Services & Others	Information & Communication	Japan
JMDC	0.56%	-0.33	€8,327,717.90	158,400	It & Services & Others	Information & Communication	Japan
Pigeon	0.53%	-0.60	€7,914,005.21	229,300	It & Services & Others	Other Products	Japan
Industrial & Infrastructure Fund Invstmt	0.40%	0.01	€5,932,967.27	4,128	Real Estate	Real Estate	Japan
Aruhi	0.36%	0.02	€5,317,779.36	420,800	Financials Ex Banks	Other Financing Business	Japan
Mercari	0.32%	0.09	€4,858,379.95	176,600	It & Services & Others	Information & Communication	Japan
Zojirushi	0.00%	-0.12	€63,141.65	5,600	Electric Appliances And Precision Instruments	Electric Appliances	Japan

N/A indicates Not Available.

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

Sector Diversification (31-Jul-2020)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
It & Services & Others	36.55%	18.61%
Machinery	17.29%	5.38%
Steel And Nonferrous Metals	1.71%	1.23%
Real Estate	1.50%	1.88%
Retail Trade	4.68%	5.08%
Energy Resources	0.00%	0.59%
Raw Materials And Chemicals	7.19%	7.94%
Electric Power And Gas	0.00%	1.47%
Electric Appliances And Precision Instruments	16.51%	18.41%
Pharmaceutical	4.75%	6.84%
Construction And Materials	1.29%	3.77%
Automobiles And Transportation Equipment	5.10%	7.59%
Foods	0.99%	3.97%
Financials Ex Banks	0.31%	3.76%
Transportation And Logistics	0.00%	4.17%
Commercial And Wholesale Trade	0.00%	4.51%
Banks	0.00%	4.83%

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

T. Rowe Price uses TOPIX sectors and industries for sector and industry reporting for this product. Source: Tokyo Stock Exchange.

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

Representative Portfolio vs Benchmark
Data as of:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Industrials & Business Services	3.18%	-0.03%	3.21%
Information Technology	1.44%	0.42%	1.02%
Consumer Staples	0.83%	0.37%	0.46%
Consumer Discretionary	0.64%	-0.11%	0.75%
Financials	0.62%	0.53%	0.08%
Health Care	0.59%	-0.02%	0.61%
Utilities	0.29%	0.29%	0.00%
Energy	0.09%	0.09%	0.00%
Communication Services	-0.01%	-0.02%	0.01%
Materials	-0.06%	0.05%	-0.11%
Total	8.05%	1.53%	6.53%

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. Source: FT Interactive, IDC via FactSet.; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the TOPIX sectors and industries for sector and industry reporting for this product.

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

30-Jun-2020 - Archibald Ciganer, Portfolio Manager,

Electric Appliances and Precision Instruments

�

Machinery

IT and Services

Pharmaceutical

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

Indicative Benchmark Data Source: Tokyo Stock Exchange

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

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

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

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

Net Asset figure applies to all share classes.

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

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

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

3YR Return Annualised (View Total Returns)

Total Assets (EUR)

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 A)

Annualised Performance

Recent Performance

Holdings

TotalHoldings

Largest Top Contributor^

SOFTBANK GROUP CORP

Largest Top Detractor^

Nippon Telegraph & Telephone

Top Purchase

Suzuki Motor

Top Sale

NTT DOCOMO (E)

Electric Appliances and Precision Instruments

Machinery

IT and Services

Pharmaceutical

Sectors

TotalSectors

Top Contributor^

Industrials & Business Services

Top Detractor^

Materials

Largest Overweight

It & Services & Others

Largest Underweight

Banks

Team (As of 05-Aug-2020)

Archibald CiganerPortfolio Manager

Laurence TaylorPortfolio Specialist

Fee Schedule

Portfolio Characteristics

Risks

Risk/Return Characteristics

Calendar Year Performance (Class A)

Monthly Performance (Class A)

Purchases - 10 Largest (30-Jun-2020)

Sales - 10 Largest (30-Jun-2020)

Contributors (30-Jun-2020)

Detractors (30-Jun-2020)

Holdings (30-Jun-2020)

Sector Diversification (31-Jul-2020)

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

Electric Appliances and Precision Instruments

Machinery

IT and Services

Pharmaceutical

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3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

1YR Return
(View Total Returns)

Information Ratio
(5 Years)

Tracking Error
(5 Years)

Total
Holdings

Total
Sectors

Archibald Ciganer
Portfolio Manager

Laurence Taylor
Portfolio Specialist

GIPS^® Information