A | T. Rowe Price

Strategy

Manager's Outlook

The Shinzo Abe-led Liberal Democratic Party (LDP) has successfully broken the long-held tradition of policy inertia via its attempts to jump-start the economy and equity markets with the magnitude of its policy intent. Abe is also attempting to deal with the economy's structural challenges: Corporate tax rates have been lowered, an enhanced corporate governance code has been implemented, while initiatives to encourage married women and foreign workers into the labor force have also been announced.

Against this backdrop of change, an increasing number of Japanese companies are defying skeptics by transforming business practices and governance standards. We believe this can help corporate profit growth and generate improving shareholder returns. The volume of shareholder buybacks is increasing while merger and acquisition activity also shows promise.

We firmly believe that the valuation case for Japan still holds and that Japanese corporate earnings growth is likely to exceed global peers. This view underlies many of our preferred stock ideas today.

Our long-held view that the Bank of Japan's policy decisions would weaken the yen over time has softened given the backdrop of an increasingly unpredictable currency outlook. We continue to believe the outlook for the currency is one of uncertainty and volatility.

However, we are cognizant and concerned about the escalation of the trade war rhetoric that is coming from world's largest trading partners. We continue to hope that sanctions and trade war concerns will subside but our quality bias within the portfolio should hold us in good stead should trade wars jeopardize the supportive growth environment.

Over the past five years, for example, the return on equity from Japanese companies has almost doubled. Companies are allocating capital more efficiently, paying higher dividends, and increasing share buybacks, and these improved returns are attracting greater foreign investment.

As well as market specific drivers, the condition of the global economy remains a key factor supporting the Japanese equity market. An environment of modest global growth should continue to help corporate Japan perform well.

Increasing stock-specific dispersion will need to be navigated in the near term as the market digests subtle changes in the top-down investment case and reacts to the surprise and disappointment always inherent in Japan. Over the medium term, we remain upbeat, especially regarding those stocks central to Japan's evolution. We believe that investing in durable and improving businesses capable of weathering economic turbulence remains an advantaged approach to Japanese equity investing.

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 %	10.97%	7.49%	11.83%	11.11%	11.55%
Indicative Benchmark %	9.71%	6.57%	9.80%	9.55%	9.78%
Excess Return %	1.26%	0.92%	2.03%	1.56%	1.77%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	-2.15%	7.71%	11.78%	10.45%
Indicative Benchmark %	-0.03%	7.07%	9.07%	8.87%
Excess Return %	-2.12%	0.64%	2.71%	1.58%

Recent Performance

	Month to DateData as of 29-Nov-2019	Quarter to DateData as of 29-Nov-2019	Year to DateData as of 29-Nov-2019	1 MonthData as of 31-Oct-2019	3 MonthsData as of 31-Oct-2019
Fund %	5.50%	7.42%	27.61%	1.82%	5.91%
Indicative Benchmark %	1.83%	4.44%	20.50%	2.57%	7.66%
Excess Return %	3.67%	2.98%	7.11%	-0.75%	-1.75%

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.

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-Oct-2019 - Archibald Ciganer, Portfolio Manager,

Japanese equities generated a solid positive return in the month, outperforming developed market peers. Central bank easing and signs of a U.S.-China trade deal were supportive of global growth and equity markets—Japan is an open and cyclical economy, and therefore outperformed as investors increased their appetite for risk. Within the portfolio, the machinery sector was the greatest area of strength, boosted by our position in commercial kitchen appliance manufacturer Hoshizaki. Its management team is focussed on growing the business by entering new markets and adding products through bolt-on acquisitions using its cash-rich balance sheet. Stock selection in the electric appliances and precision equipment sector also added to relative returns. Household products manufacturer Zojirushi delivered third-quarter results broadly in line with expectations, with 2% sales growth in Japan, where rice cooker sales grew substantially owing to a boost from new small-capacity products. In contrast, the pharmaceutical sector was an area of weakness over the month, with the losses attributable to stock selection. Shares in specialty pharmaceutical company Kyowa Kirin suffered amid weaker-than-expected sales of its Crysvita drug in the U.S. and Europe.

Holdings

Total
Holdings

Largest Holding SOFTBANK GROUP CORP 3.68% Was (30-Jun-2019) 4.49%

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

Top 10 Holdings 30.15% View Top 10 Holdings Monthly data as of 31-Oct-2019

Largest Top Contributor^

Nippon Telegraph & Telephone

By 0.69%

% of fund 3.47%

Largest Top Detractor^

SOFTBANK GROUP CORP

By -0.22%

% of fund 3.64%

Top Purchase

Kyowa Kirin (N)

1.71%

Was (30-Jun-2019) 0.00%

Top Sale

ZOZO (E)

0.00%

Was (30-Jun-2019) 1.86%

30-Sep-2019 - Archibald Ciganer, Portfolio Manager,

Sector-level exposures were broadly unchanged-IT and services remains the portfolio's largest overweight, while banks is the biggest underweight. We bought and sold holdings across a number of sectors, notably retail trade, electric appliances and precision instruments, and automobiles and transportation equipment.

IT and Services

We have maintained the broad IT and services as the portfolio's largest overweight, with significant positions in communication names Softbank, Nippon Telegraph & Telecommunications, and NTT Docomo. We are bullish on the industry, specifically the scope for improving earnings, while valuations also look attractive.

Elsewhere within the sector, we remain overweight staffing agencies. Signs of a tightening labor market are a key positive for the industry and one of the key themes in our positioning.

Banks

Banks remain our largest underweight by a significant margin, and we continue to have no holdings in this space. Intense competition in the sector means that there is an almost unlimited supply of loans at very low rates. Demand is improving for these loans, but they are being offered at the rate of Japanese government bonds in some instances. Net interest margin compression is easing but the benefits from this are being given up as banks try and gain market share. Furthermore, with the introduction of negative interest rates on excess holdings and with speculation that this could increase further, the outlook looks very challenging for the foreseeable future.

Retail Trade

The portfolio moved underweight the retail trade sector in the quarter. We sold Zozo, which operates Japan's leading online fashion apparel site, ZOZOTOWN. We have eliminated the name after the partial takeover by Yahoo! Japan and the strong outperformance afterward. The company is likely to become less innovative after the deal, and we believe minority shareholders will eventually be taken out.

We also sold VT Holdings, which operates car dealerships and offers related auto services. The stock is cheap from a valuation perspective, but we are concerned that the name could be a value trap and, given our lower conviction, we chose to sell.

Elsewhere in the sector, we increased our position in Pan Pacific International, Japan's leading discount retailer that operates 651 stores in Japan as of June 2019 and 42 overseas. The stock has sold off on concerns that the Korean diplomatic frictions will negatively affect tourism. However, this created a buying opportunity, and we believe the long-term drivers for the stock will be Chinese inbound tourism and the company taking market share domestically.

Electric Appliances and Precision Instruments

We increased our position in Keyence, which produces vision and laser sensors used in factory automation. It is a high returns business in an industry that is secularly growing, and its domestic business share is very strong, as has been growth outside of Japan. The name has been sold off on concerns about global growth and the outlook for the semiconductor sector, and this sell-off provided an opportunity to add to a very good business that often trades at rich multiples.

Conversely, we sold Renesas Electronics, a designer, developer, manufacturer, and seller of the servicing of semiconductor products, as we grew more concerned about its medium-term growth potential and unattractive valuation.

Automobiles and Transportation Equipment

In the automobiles and transportation equipment sector, we added to our holding in Nippon Seiki, a manufacturer of instrument panels for automobiles, boats, farm tractors, and construction machines. We believe the company should generate strong growth from its auto segment, but its conservative guidance and low payout ratio will hold the stock back in the near term. Longer term, this should improve as it moves to the TOPIX Index and its payout ratio improves.

Elsewhere in the sector, we sold Jamco, which produces interior equipment, such as seats and toilets, for airplanes. This was due primarily to our lower conviction in the stock and the lack of near-term catalysts to drive share price performance.

Pharmaceuticals

In the pharmaceuticals sector, we established a new position in Kyowa Hakko Kirin, which is a domestic Japanese pharmaceutical company with two divisions: pharmaceuticals and biochemicals. We believe Kyowa Hakko Kirin is a transformational product story driven by the regulatory approval of three antibodies. The market is underestimating the operating growth to come from this, providing us with a compelling entry point.

Financials Excluding Banks

In the financials excluding banks sector, Zenkoku Hosho (which translates as "national guarantee") is an independent home mortgage guarantor company in Japan. The company listed its shares in December 2012 and is the only pure play mortgage guarantor listed in Japan. The company has disappointed on taking market share, which was a key thesis for the stock, and the uptake from banks has disappointed-we have sold the stock as a result.

Sectors

Total
Sectors

Largest Sector It & Services & Others 32.10% Was (30-Sep-2019) 32.30%

Other View complete Sector Diversification

Top Contributor^

Materials

Net Contribution 0.68%

Sector

0.01%

Selection 0.67%

Top Detractor^

Information Technology

Net Contribution -0.88%

Sector

0.03%

Selection

-0.91%

Largest Overweight

It & Services & Others

By16.35%

Fund 32.10%

Indicative Benchmark 15.75%

Largest Underweight

Banks

By-5.86%

Fund 0.00%

Indicative Benchmark 5.86%

31-Oct-2019 - Archibald Ciganer, Portfolio Manager,

We moved more underweight the retail trade sector over the month. We sold our position in Seria, a discount store operator on concerns about further margin erosion as sales have continued to slump. Elsewhere, we shifted some of our exposures in the real estate sector. We bought a real estate investment trust (REIT), which we view as a defensive income generator with strong potential to grow its dividend, backed by 15 years of long-term fixed rent contracts. Conversely, we trimmed our exposure to another REIT after the shares reached our price target.

Team (As of 31-Aug-2019)

Archibald Ciganer
Portfolio Manager

Archibald Ciganer is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Japan, Inc. As of December 2013, he has been portfolio manager for the Japan Equity Strategy, having previously covered the telecom, transportation, utility, media and consumer sectors as a research analyst in the Equity Division of T. Rowe Price.

Mr. Ciganer has 20 years of investment experience and joined T. Rowe Price in 2007. He began his career as a credit analyst with BNP Paribas in Japan. Subsequently, he served as an associate in the firm'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.

Mr. Ciganer graduated from Institut d'Etudes Politiques de Paris (sciences po.) in finance and accounting. Mr. Ciganer has earned the Chartered Financial Analyst designation. Mr. Ciganer is fluent in French, Japanese and English.

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	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%	160 basis points	1.77%
Class I	€2,500,000	€100,000	€0	0.00%	75 basis points	0.85%
Class Q	€15,000	€100	€100	0.00%	75 basis points	0.92%

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

Portfolio Characteristics

as of 31-Oct-2019

Characteristic	Fund	Indicative Benchmark
Projected Earnings Growth Rate (IBES)	7.8%	6.4%
Price to Earnings (Current Fiscal Year)	22.2x	15.1x
Return on Equity (Current Fiscal Year)	11.9%	10.5%
Price to Book	2.9x	1.4x
Investment Weighted Median Market Cap (EUR mm)	8,937	17,261
Investment Weighted Average Market Cap (EUR mm)	23,541	29,490
Number of Holdings	75	2,149
Top 20 Holdings as % of Total	51.3%	24.8%
Portfolio Holdings Turnover (12 Months)	27.5%	N/A
Percent of Portfolio in Cash	1.9%	0.0%
Active Share Percentage	79.82%	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
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-Oct-2019

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	2.34%	0.00%
Beta	0.94	1.00
R-Squared	0.79	1.00
Annualized Std. Deviation	13.16%	12.78%
Information Ratio	0.34	0.00
Sharpe Ratio	0.64	0.50
Tracking Error	5.92%	0.00%

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

Calendar Year Performance (Class A)

2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
-2.41%	20.78%	-8.18%	7.24%	24.74%	3.47%	26.41%	13.57%	14.75%	-9.52%	Fund
1.40%	23.77%	-9.73%	5.71%	21.37%	9.74%	24.05%	6.20%	10.80%	-9.68%	Indicative Benchmark
-3.81%	-2.99%	1.55%	1.53%	3.37%	-6.27%	2.36%	7.37%	3.95%	0.16%	Value added

Fund
Indicative Benchmark
Annual Report

Purchases - 10 Largest (30-Sep-2019)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Kyowa Kirin (N)	1.71%	1.71%	Pharmaceutical	Japan
Keyence	3.37%	0.21%	Electric Appliances	Japan
SOFTBANK GROUP CORP	3.63%	-0.86%	Information & Communication	Japan
Nippon Telegraph & Telephone	3.46%	0.04%	Information & Communication	Japan
Miura	3.41%	-0.29%	Machinery	Japan
Daikin Industries	2.59%	-0.01%	Machinery	Japan
Daio Paper	2.56%	0.28%	Pulp And Paper	Japan
Chugai Pharmaceutical	2.78%	0.42%	Pharmaceutical	Japan
Recruit Holdings	2.30%	-0.25%	Services	Japan
Takeda Pharmaceutical	2.39%	-0.11%	Pharmaceutical	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-Sep-2019)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
ZOZO (E)	0.00%	-1.86%	Retail Trade	Japan
Zenkoku Hosho (E)	0.00%	-0.45%	Other Financing Business	Japan
Renesas Electronics (E)	0.00%	-0.26%	Electric Appliances	Japan
Jamco (E)	0.00%	-0.27%	Transportation Equipment	Japan
SOFTBANK GROUP CORP	3.63%	-0.86%	Information & Communication	Japan
Nippon Telegraph & Telephone	3.46%	0.04%	Information & Communication	Japan
Mori Hills REIT Investment	0.77%	-0.04%	Real Estate	Japan
VT Holdings (E)	0.00%	-0.17%	Retail Trade	Japan
Chugai Pharmaceutical	2.78%	0.42%	Pharmaceutical	Japan
Daikin Industries	2.59%	-0.01%	Machinery	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-Sep-2019)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Solasto	2.63%	Services	Japan
Chugai Pharmaceutical	2.79%	Pharmaceutical	Japan
ZOZO	0.00%	Retail Trade	Japan
Nippon Paint Holdings	1.25%	Chemicals	Japan
NTT DOCOMO	2.50%	Information & Communication	Japan
Sumitomo Densetsu	1.19%	Construction	Japan
Mitsui Fudosan Logistics Park	1.43%	Real Estate	Japan
Daio Paper	2.57%	Pulp And Paper	Japan
Nippon Telegraph & Telephone	3.47%	Information & Communication	Japan
Kansai Paint	1.63%	Chemicals	Japan

30-Sep-2016 - Archibald Ciganer, Portfolio Manager,

Nakanishi: Another contributor to performance was our off-benchmark holdings in Nakanishi. Shares in this manufacturer of dental equipment had sold off earlier in the year on investors' concerns about the effects of a strong yen as overseas sales account for a significant majority of the company's revenues. The move upward in July marked a recovery of some of this lost ground. We retain our view that Nakanishi's technology and brand recognition is allowing it to gain market share and that demand for its dental handpieces will continue to grow steadily, driven by replacement in developed countries and new purchases in developing markets.
Hoshizaki: We own an overweight position in Hoshizaki, a maker of commercial kitchen equipment, particularly ice makers. Its shares came under pressure in August as investors took profits following strong performance earlier in the year. We continue to believe that the company has room to further reduce factory costs and is likely to deliver durable sales growth as tourist numbers increase and Olympic-related investment rises. The company is also likely to sustain high-single-digit topline growth overseas in the medium term as it integrates acquisitions and broadens product offerings.

Detractors (30-Sep-2019)

Detractors	% of Fund	Industry	Country
SOFTBANK GROUP CORP	3.64%	Information & Communication	Japan
Sansan	0.74%	Information & Communication	Japan
Miura	3.42%	Machinery	Japan
Suzuki Motor	2.24%	Transportation Equipment	Japan
FUJIFILM Holdings	1.14%	Chemicals	Japan
Recruit Holdings	2.30%	Services	Japan
Pola Orbis Holdings	0.60%	Chemicals	Japan
UT	1.11%	Services	Japan
Nippon Seiki	1.05%	Transportation Equipment	Japan
Kubota	1.55%	Machinery	Japan

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

N/A indicates Not Available.

Holdings (30-Sep-2019)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (EUR)	Shares	Sector	Industry	Country
SOFTBANK GROUP CORP	3.68%	-0.81	€43,364,031.78	1,202,600	It & Services & Others	Information & Communication	Japan
Nippon Telegraph & Telephone	3.50%	0.09	€41,294,524.18	943,100	It & Services & Others	Information & Communication	Japan
Miura	3.46%	-0.24	€40,748,041.85	1,590,400	Machinery	Machinery	Japan
Keyence	3.41%	0.25	€40,146,142.62	70,600	Electric Appliances And Precision Instruments	Electric Appliances	Japan
Chugai Pharmaceutical	2.81%	0.45	€33,179,750.15	464,400	Pharmaceutical	Pharmaceutical	Japan
Solasto	2.66%	0.69	€31,313,957.67	3,032,000	It & Services & Others	Services	Japan
Daikin Industries	2.62%	0.01	€30,859,907.87	256,000	Machinery	Machinery	Japan
Daio Paper	2.59%	0.32	€30,569,263.90	2,616,900	Raw Materials And Chemicals	Pulp And Paper	Japan
NTT DOCOMO	2.53%	0.22	€29,773,169.32	1,272,100	It & Services & Others	Information & Communication	Japan
SMS	2.51%	0.17	€29,578,771.84	1,321,900	It & Services & Others	Services	Japan
Takeda Pharmaceutical	2.41%	-0.09	€28,398,154.23	907,600	Pharmaceutical	Pharmaceutical	Japan
Recruit Holdings	2.33%	-0.22	€27,423,877.29	981,700	It & Services & Others	Services	Japan
Hoshizaki	2.32%	0.20	€27,367,379.08	379,100	Machinery	Machinery	Japan
Suzuki Motor	2.26%	-0.24	€26,640,142.64	683,200	Automobiles And Transportation Equipment	Transportation Equipment	Japan
GMO Payment Gateway	2.10%	0.01	€24,713,487.12	402,600	It & Services & Others	Information & Communication	Japan
Mitsubishi Electric	2.01%	0.02	€23,660,721.73	1,934,200	Electric Appliances And Precision Instruments	Electric Appliances	Japan
FANUC	1.99%	0.03	€23,489,427.81	136,200	Electric Appliances And Precision Instruments	Electric Appliances	Japan
Kyowa Kirin	1.73%	N/A	€20,444,909.42	1,147,100	Pharmaceutical	Pharmaceutical	Japan
Shimano	1.72%	0.08	€20,293,943.01	146,600	Automobiles And Transportation Equipment	Transportation Equipment	Japan
Kansai Paint	1.65%	0.21	€19,407,558.09	908,300	Raw Materials And Chemicals	Chemicals	Japan
Kubota	1.57%	-0.10	€18,465,719.49	1,327,900	Machinery	Machinery	Japan
Benefit One	1.51%	0.18	€17,854,415.15	1,027,100	It & Services & Others	Services	Japan
Hoshino Resorts REIT	1.48%	0.15	€17,496,809.09	3,457	Real Estate	Real Estate	Japan
Mitsui Fudosan Logistics Park	1.44%	0.30	€16,959,036.66	4,436	Real Estate	Real Estate	Japan
Hikari Tsushin	1.43%	0.04	€16,800,735.26	84,500	It & Services & Others	Information & Communication	Japan
Softbank Corp	1.37%	0.06	€16,204,208.19	1,302,700	It & Services & Others	Information & Communication	Japan
Calbee	1.28%	0.21	€15,036,676.71	526,600	Foods	Foods	Japan
Nippon Paint Holdings	1.26%	0.35	€14,905,788.87	312,000	Raw Materials And Chemicals	Chemicals	Japan
Shimadzu	1.22%	0.08	€14,334,973.23	617,100	Electric Appliances And Precision Instruments	Precision Instruments	Japan
Sumitomo Densetsu	1.21%	0.28	€14,206,114.81	759,200	Construction And Materials	Construction	Japan
CyberAgent	1.19%	0.10	€14,027,953.03	397,700	It & Services & Others	Services	Japan
Murata Manufacturing	1.18%	0.11	€13,942,527.48	316,100	Electric Appliances And Precision Instruments	Electric Appliances	Japan
Mabuchi Motor	1.16%	0.13	€13,651,811.16	398,300	Electric Appliances And Precision Instruments	Electric Appliances	Japan
FUJIFILM Holdings	1.16%	-0.13	€13,615,676.99	337,600	Raw Materials And Chemicals	Chemicals	Japan
Nintendo	1.14%	0.01	€13,421,895.83	39,500	It & Services & Others	Other Products	Japan
UT	1.12%	-0.11	€13,234,828.91	671,600	It & Services & Others	Services	Japan
Sumitomo Electric Industries	1.07%	0.00	€12,662,436.96	1,085,200	Steel And Nonferrous Metals	Nonferrous Metals	Japan
TechnoPro Holdings	1.07%	0.14	€12,583,855.32	231,100	It & Services & Others	Services	Japan
Nippon Seiki	1.06%	-0.06	€12,443,350.13	885,700	Automobiles And Transportation Equipment	Transportation Equipment	Japan
Hitachi Metals	1.05%	0.03	€12,385,418.85	1,247,500	Steel And Nonferrous Metals	Iron And Steel	Japan
Mitsubishi Heavy Industries	1.04%	-0.08	€12,205,392.08	339,100	Machinery	Machinery	Japan
Mitsubishi Motors	1.02%	-0.07	€12,014,035.62	3,011,600	Automobiles And Transportation Equipment	Transportation Equipment	Japan
Isuzu Motors	1.00%	0.00	€11,754,166.18	1,160,500	Automobiles And Transportation Equipment	Transportation Equipment	Japan
Coca-Cola Bottlers Japan	0.89%	-0.08	€10,482,834.02	508,600	Foods	Foods	Japan
Ezaki Glico	0.88%	-0.03	€10,421,601.72	273,300	Foods	Foods	Japan
Nidec	0.85%	0.04	€9,980,031.69	80,700	Electric Appliances And Precision Instruments	Electric Appliances	Japan
Fast Retailing	0.83%	0.02	€9,773,932.38	17,900	Retail Trade	Retail Trade	Japan
Komatsu	0.82%	-0.02	€9,713,917.41	461,800	Machinery	Machinery	Japan
Pan Pacific International Holdings	0.81%	0.13	€9,601,668.77	625,600	Retail Trade	Retail Trade	Japan
Welcia Holdings	0.81%	0.19	€9,496,926.81	205,200	Retail Trade	Retail Trade	Japan
Zojirushi	0.80%	0.18	€9,477,768.18	780,100	Electric Appliances And Precision Instruments	Electric Appliances	Japan
Mori Hills REIT Investment	0.78%	-0.03	€9,201,288.58	6,315	Real Estate	Real Estate	Japan
Pigeon	0.77%	0.04	€9,059,528.77	239,400	It & Services & Others	Other Products	Japan
Hamamatsu Photonics KK	0.76%	-0.00	€9,014,472.70	264,200	Electric Appliances And Precision Instruments	Electric Appliances	Japan
SMC	0.76%	0.12	€8,980,014.62	22,900	Machinery	Machinery	Japan
JINS Holdings	0.75%	0.07	€8,846,086.64	162,300	Retail Trade	Retail Trade	Japan
Sansan	0.75%	-0.18	€8,829,569.83	254,700	It & Services & Others	Information & Communication	Japan
Money Forward	0.72%	0.03	€8,504,831.12	279,500	It & Services & Others	Information & Communication	Japan
FamilyMart	0.71%	N/A	€8,370,253.02	373,900	Retail Trade	Retail Trade	Japan
Seria	0.68%	0.05	€7,985,141.89	358,200	Retail Trade	Retail Trade	Japan
Nifco	0.67%	-0.00	€7,905,330.13	360,000	Raw Materials And Chemicals	Chemicals	Japan
Eiken Chemical	0.62%	-0.01	€7,349,158.90	529,000	Pharmaceutical	Pharmaceutical	Japan
Pola Orbis Holdings	0.61%	-0.13	€7,207,477.98	349,900	Raw Materials And Chemicals	Chemicals	Japan
Fujitec	0.56%	-0.04	€6,657,688.66	561,700	Machinery	Machinery	Japan
Central Japan Railway	0.56%	0.03	€6,615,628.62	35,000	Transportation And Logistics	Land Transportation	Japan
Disco	0.56%	0.09	€6,563,329.50	37,700	Machinery	Machinery	Japan
Aruhi	0.54%	0.07	€6,374,510.79	310,900	Financials Ex Banks	Other Financing Business	Japan
Nippon Ceramic	0.54%	-0.02	€6,325,680.32	272,900	Electric Appliances And Precision Instruments	Electric Appliances	Japan
Sumitomo Seika Chemicals	0.50%	0.02	€5,885,263.81	216,800	Raw Materials And Chemicals	Chemicals	Japan
Istyle	0.48%	0.01	€5,672,717.50	892,900	It & Services & Others	Information & Communication	Japan
Yumeshin Holdings	0.48%	0.07	€5,610,610.10	752,600	It & Services & Others	Services	Japan
Demae-Can	0.47%	N/A	€5,501,979.29	403,000	It & Services & Others	Information & Communication	Japan
Nippon Kanzai	0.26%	-0.01	€3,074,708.48	193,700	It & Services & Others	Services	Japan
Mercari	0.25%	-0.02	€2,907,581.42	127,400	It & Services & Others	Information & Communication	Japan
Sakata INX	0.22%	0.01	€2,537,229.50	266,500	Raw Materials And Chemicals	Chemicals	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-Oct-2019)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
It & Services & Others	32.10%	15.75%
Machinery	14.01%	5.16%
Pharmaceutical	7.74%	5.81%
Steel And Nonferrous Metals	2.27%	1.55%
Real Estate	2.97%	2.48%
Raw Materials And Chemicals	8.55%	8.26%
Energy Resources	0.00%	0.81%
Foods	3.10%	4.08%
Retail Trade	3.45%	4.69%
Automobiles And Transportation Equipment	7.34%	8.79%
Electric Power And Gas	0.00%	1.62%
Electric Appliances And Precision Instruments	14.34%	16.20%
Construction And Materials	1.21%	4.33%
Financials Ex Banks	0.52%	4.22%
Transportation And Logistics	0.53%	5.41%
Commercial And Wholesale Trade	0.00%	4.98%
Banks	0.00%	5.86%

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-Sep-2019)

Data as of:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Materials	0.68%	0.01%	0.67%
Health Care	0.58%	0.01%	0.57%
Real Estate	0.24%	0.03%	0.21%
Energy	0.05%	0.05%	0.00%
Utilities	0.01%	0.01%	0.00%
Consumer Staples	-0.19%	-0.02%	-0.17%
Communication Services	-0.38%	-0.20%	-0.19%
Industrials & Business Services	-0.39%	-0.15%	-0.24%
Consumer Discretionary	-0.72%	-0.05%	-0.67%
Information Technology	-0.88%	0.03%	-0.91%
Total	-1.18%	-0.53%	-0.65%

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-Sep-2019 - Archibald Ciganer, Portfolio Manager,

IT and Services

Elsewhere within the sector, we remain overweight staffing agencies. Signs of a tightening labor market are a key positive for the industry and one of the key themes in our positioning.

Banks

Retail Trade

Electric Appliances and Precision Instruments

Automobiles and Transportation Equipment

Pharmaceuticals

Financials Excluding Banks

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^

Nippon Telegraph & Telephone

Largest Top Detractor^

SOFTBANK GROUP CORP

Top Purchase

Kyowa Kirin (N)

Top Sale

ZOZO (E)

IT and Services

Banks

Retail Trade

Electric Appliances and Precision Instruments

Automobiles and Transportation Equipment

Pharmaceuticals

Sectors

TotalSectors

Top Contributor^

Materials

Top Detractor^

Information Technology

Largest Overweight

It & Services & Others

Largest Underweight

Banks

Team (As of 31-Aug-2019)

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-Sep-2019)

Sales - 10 Largest (30-Sep-2019)

Contributors (30-Sep-2019)

Detractors (30-Sep-2019)

Holdings (30-Sep-2019)

Sector Diversification (31-Oct-2019)

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

IT and Services

Banks

Retail Trade

Electric Appliances and Precision Instruments

Automobiles and Transportation Equipment

Pharmaceuticals

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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