QUARTERLY REVIEW Japan Fund As of June 30, 2018 FUND INFORMATION PORTFOLIO HIGHLIGHTS. PERFORMANCE (NAV, total return) Three Months

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1 Nimbus 9 QUARTERLY REVIEW Jaan Fund As of June 30, 2018 PORTFOLIO HIGHLIGHTS Relative erformance was driven by: Positive stock selection and beneficial overweights in retail trade and information technology (IT) and services. Good stock selection in machinery and transortation and logistics. An unfavorable overweight to machinery. Additional highlights: We made no significant changes to our sector ositioning over the quarter. We retain a zero exosure to banks, the ortfolio's largest sector underweight by a significant margin. Our main sector overweights remain in IT and services and machinery. We found oortunities in comanies well laced to take advantage of structural changes in the Jaanese economy. FUND INFORMATION Symbol PRJPX 1 CUSIP 77956H708 2 Incetion Date of Fund December 30, Benchmark TOPIX Index 4 Exense Information (as of the most recent Prosectus)* 0.98% (Gross) 0.97% (Net) Fiscal Year End October B-1 Fee 7 Redemtion Fee** 2.00% 8 Total Assets (all share classes) Percent of Portfolio in Cash 2.0% 5 $887,124,109 9 *The Fund oerates under a contractual exense limitation that exires on February 28, As a result of other class' exense limitations, T. Rowe Price Associates, Inc. waived fund-level exenses ratably across all classes. Figure is equivalent to the annual Oerating Exense ratio. **The redemtion fee alies on shares held for 90 days or less. 1 0 PERFORMANCE (NAV, total return) Three Months Year-to- Date One Year Three Years Annualized Jaan Fund -1.08% 3.44% 18.72% 14.41% 11.98% 5.97% 8.41% TOPIX Index MSCI Jaan Index CALENDAR YEAR PERFORMANCE (NAV, total return) Incetion Date Jaan Fund Dec % 0.84% 14.22% -8.39% 10.69% 29.96% -8.52% 14.89% 11.20% 32.66% TOPIX Index MSCI Jaan Index Current erformance may be lower or higher than the quoted ast erformance, which cannot guarantee future results. Share rice, rincial value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end erformance or to request a rosectus or summary rosectus, which includes investment objectives, risks, fees, exenses, and other information that you should read and consider carefully before investing, lease call or visit our website at trowerice.com. Total return figures include changes in rincial value, reinvested dividends, and caital gain distributions. The erformance information shown does not reflect the deduction of any redemtion fee; if it did, the erformance would be lower. TOPIX total returns are calculated in JPY and converted to USD using an exchange rate determined by an indeendent third arty. The fund is subject to the inherent volatility of common stock investing and the unique risks of international investing. Because of its focus on a single country, the fund involves higher risk than a more geograhically diverse international fund. Share rices are also subject to market risk as well as risks associated with unfavorable currency exchange rates and olitical or economic uncertainty abroad. Five Years Ten Years Fifteen Years Not for use with Individual Investors. 1

2 PERFORMANCE REVIEW Global Trade Concerns Weigh on Jaanese Exorters, but Quality Names Prevail Jaanese equities ended the quarter modestly higher in local currency terms. However, the significant dereciation of the yen translated this into a decline in U.S. dollar terms. Investors balanced geoolitical uncertainty against a raft of mixed domestic macroeconomic data releases and cororate earnings results. Global factors that contributed to the market's unease included deteriorating trade relations between the U.S. and several of its major trading artners, olitical risk in Sain and Italy, and the U.S. resident's decision to withdraw from its nuclear agreement with Iran. The latest cororate results season in Jaan was generally disaointing, with many firms osting rofits that fell short of exectations. Macroeconomic data released over the quarter were mixed. On one hand, the most recent monthly flash manufacturing Purchasing Managers' Index (PMI) rose modestly in June from the final May figure, and there was a strong rebound in core machinery orders. However, an eight-quarter streak of economic exansion came to an end, with first-quarter GDP contracting at an annualized rate of -0.6%, rimarily due to weak business sending, business investment, and rivate consumtion. The Reuters Tankan monthly oll of rivate think tanks suggested a fall in business sentiment ahead of the Bank of Jaan's (BoJ) Tankan survey ublished after the close of the quarter. The country's jobs market remained tight, with unemloyment declining to 2.2% in May, a 26-year low. On the monetary olicy front, BoJ Governor Haruhiko Kuroda reasserted in May that the central bank does not have a deadline to hit its 2% inflation target. (The latest reading of core CPI inflation remained unchanged at 0.7% year on year while "core-core" inflation slied to 0.3%.) In contrast to the tightening olicy from the U.S. Federal Reserve and the Euroean Central Bank, the BoJ ket monetary olicy on hold in June, with the interest rate remaining at -0.1% and asset urchases of around JPY 80 trillion a year. There was no meaningful differentiation in erformance between large-ca and small-ca names over the eriod while growth stocks modestly outerformed their value counterarts. In terms of sector leadershi, the uncertain geoolitical and economic backdro also led traditionally defensive areas such as food, harmaceuticals, and land transortation (namely railways) to outerform on a relative basis. The market rewarded quality names with strong management committed to cororate reform; to this end, the ortfolio's holdings in a number of key retail stocks and rofessional service roviders served erformance well. By contrast, the raming u of trade rhetoric by the Trum administration weighed on sentiment toward Jaan's exort-deendent sectors, such as machinery and electrical aliances. Within the ortfolio, relative erformance was negatively affected by our significant overweight to machinery names. Bank stocks also undererformed against the uncertain backdro, so our lack of exosure to this sector boosted relative returns. In the ortfolio, good stock selection was largely resonsible for the strong relative outerformance over the quarter, while grou allocation was also ositive but more modestly so. Retailers Heled Drive Returns A number of our key holdings led the retail trade sector to be the biggest single contributor to the ortfolio's relative erformance over the course of the quarter. These included Start Today, the dominant online fashion aarel retailer, which oerates an online fashion aarel site, Zozotown. Its shares came under ressure in the first quarter of 2018 amid investors' concerns about temorary cost increases, due to changes to the delivery fee structure as well as the rollout of its first rivate-label line in late November However, in the second quarter, the stock recovered this lost ground as these fears abated and the market focused instead on Start Today's otential to benefit significantly from the long-term shift taking lace toward online retail urchases. Our recent meeting with the comany's CFO reassured us that while there are execution risks associated with the rollout of the innovative body-measuring "Zozosuit," the comany is well laced to reaccelerate strong growth momentum, articularly through innovations such as its curated fashion service, Omakase-Teikibin. We own an overweight osition in convenience store oerator FamilyMart UNY. The comany was formed from the 2016 merger between FamilyMart and UNY Grou, and in recent months, investors have reacted favorably to increasing evidence of rogress being made on the synergies between the two comanies. Looking forward, we anticiate a reacceleration in same-store sales momentum as the comlete conversion of CKS-branded stores is comleted. Moreover, we exect management to articulate a finance/ayments strategy, which should boost investor sentiment, as well as build a dedicated vendor suly chain, which should result in more effective fresh food merchandising and hel to better differentiate the FamilyMart brand from its rivals. Service Providers Once Again Delivered For a third consecutive quarter, stock selection within the very broad TOPIX information technology (IT) and services sector was a big contributor to erformance. And, once again, it was mainly our holdings within the services comonent of this sector that drove returns. Many service comanies in Jaan are benefiting from structural and socio-demograhic shifts. Shares in Solasto, for examle, rose sharly. One of the leading layers in the staffing and oerational outsourcing market for medical institutions, the comany has been reinvesting earnings into its nursing care business, where it has been able to raise salaries and reduce staff turnover. As we noted in last quarter's reort, nursing care is a significant long-term oortunity in Jaan as an aged oulation is the growing demograhic. The comany's 2017 fiscal year results, released in May 2018, highlighted toline and rofit growth, which comfortably beat forecasts. Revenue growth was articularly strong in its elderly care business, due to both M&A activity as well as more clients in its existing centers. The comany's forward guidance was well received by investors, with management anticiating double-digit revenue and oerating rofit growth for the 2018 fiscal year. Within Jaan's fintech sace, shares in GMO Payment Gateway also erformed robustly over the review eriod. Investors were enthused about the otential of the online ayment rocessing comany to benefit from the demonetization of the economy. GMO's latest half-year results, released in May, ointed to Not for use with Individual Investors. 2

3 revenues and oerating rofits that were both above the comany's revious guidance. Investors were also heartened by the return to rofitability of the comany's money service business. The osition in leading Internet advertising agency CyberAgent was beneficial too. The comany also develos mobile games and rovides exosure to the growing smarthone advertising market. Its shares have erformed well in recent months on ositive news flow, articularly following the announcement in Aril of CyberAgent's artnershi with Nintendo. In May, the stock was added as a constituent of the MSCI Jaan Index. The ortfolio holds an overweight osition in Hikari Tsushin, a diversified service rovider, rimarily in the telecommunications industry. We continue to like the name; our recent meeting with the CFO highlighted high earnings visibility and good contribution to earnings from the electricity reselling and water service businesses. These ositives were artially offset by the negative imact of the overweight osition in SMS, a leader in recruitment services and classified media for nurses and workers in elderly care and a rovider of a management suort software ackage for in-home nursing care oerations. The shares erformed well in the first quarter of 2018 on the back of quarterly earnings that suggested an acceleration in its nursing care career business. However, investors reacted negatively to SMS's latest forecasts for the first half of the 2019 fiscal year, focusing on an exected decline in rofits due to recruitment costs in its lacement business. However, we are reassured that revenue growth in the comany's nurse lacement business has accelerated to double digits, while Jaan's nursing care industry is growing raidly. Significant Positive Contribution From Automakers Automobiles and transortation equiment was another sector where our choice of securities contributed to the ortfolio's erformance over the quarter. Here, we own overweight ositions in Mitsubishi Motors and Suzuki Motor. Mitsubishi Motors osted double-digit gains, with investors reacting ositively to its full fiscal year results, which highlighted a return to rofit, driven by strong sales volume growth, articularly in its ASEAN and China markets. An otimistic forecast for fiscal year 2018 further boosted sentiment. Shares in Suzuki Motor also outerformed over the course of the quarter as the market gave increasing credit to the vehicle maker's solid ex-india business. A longstanding ortfolio holding, we believe Suzuki is likely to benefit from structurally growing Indian automotive demand, solid management execution, and the rerating of its oerations beyond India. Longstanding Non-Exosure to Banks Was Beneficial Since early 2017, the ortfolio has had no exosure to banks. This is based on our view that cometition within the sector remains rife, leading to an almost unlimited suly of loans at very low rates. Net interest margin comression has been easing, but the benefits from this are being eroded by banks trying to gain market share. This stance was articularly beneficial to relative erformance in the Aril-June quarter as it was one of the weakest-erforming sectors within the broader index. Amid a market environment where defensive names came into favor at the exense of riskier assets, Jaanese banks sold off. Overweight to Machinery Hurt, but Good Stock Picks Heled Offset the Imact The ortfolio's significant overweight stance in the machinery sector roved a drag on relative returns in the Aril-June quarter. The sector was the weakest erforming within the overall benchmark index, with sentiment hit by growing global trade concerns and the otential imact on Jaan's exorters. This negative imact was artially offset by our ositive stock selection within the machinery sace. The ortfolio's holdings in food service equiment maker Hoshizaki and air conditioning manufacturer Daikin Industries, for examle, made contributions to returns. In contrast, shares in secialist boiler manufacturer Miura ulled back following a strong run when consensus exectations became overly exuberant. Smarthone Cycle and Trade Concerns Weigh on Electric Aliances Holdings Our stock selection within electric aliances held back relative erformance over the eriod, led by Fanuc Cororation. Its shares have been under ressure in the year to date, as investors exress concerns about Fanuc's exosure to weakening global shiments of smarthones. The industrial robot secialist's latest results were in line with exectations, but the market focused instead on increased fixed costs and the forward guidance of a shar dro in rofits, driven by a deceleration in IT-related caital exenditure and lower manufacturing investments on trade frictions. We believe that management is being tyically conservative and that, notwithstanding the eaking auto and smarthone cycle, the comany will continue to make good returns if machine tools orders grow strongly and robot demand stays solid. Shares in Mitsubishi Electric also declined over the course of the review eriod. An overweight osition in the ortfolio, the industrial electronics conglomerate's main business areas include factory automation, social infrastructure, and ower semiconductors. Fears about the ossible imact of a global trade war have weighed on the comany's shares since early In our view, the market will begin to rerate the stock in the medium term to a higher remium relative to its eers, to reflect Mitsubishi Electric's better management, caital allocation, and imroved balance sheet. PORTFOLIO POSITIONING AND ACTIVITY We made no significant changes to the ositioning of the ortfolio over the course of the quarter. Our main TOPIX sector overweights remain in IT and services and machinery. In contrast, our major underweights are in banks (where we have no exosure), commercial and wholesale trade, transortation and logistics, and construction and materials. We booked rofits in names where we felt our investment thesis had layed out or where sector ressures were holding back further gains, switching instead to names where we saw comelling investment oortunities. These were often in comanies that stand to benefit from robust and growing demand from China or in service comanies that are well laced to take advantage of structural changes in the Jaanese economy. Tight Labor Market Provides Oortunities Jaan's labor market is evolving and suly conditions are tight, with the unemloyment rate now at just 2.2%. This backdro has led some comanies to develo innovative service roositions to Not for use with Individual Investors. 3

4 address the situation. One examle is TechnoPro, the largest engineer-disatch comany in Jaan. TechnoPro hires full-time emloyees and rotates them on different rojects according to clients' needs. There is a shortage of these workers in Jaan, esecially in the IT sector. We believe TechnoPro could deliver strong earnings growth over the near and medium term. Over the quarter, we added to our existing holding. Found Investment Oortunities Geared to Strong China Demand Over the course of the quarter, we raised the ortfolio's exosure to Jaanese comanies that are well laced to benefit from growing demand from China. To this end, we built a new osition in Nion Paint and increased the size of the holding in Zojishuri. Nion Paint: This is China's leading aint comany, with 50% of rofit coming from this market. Jaan is the second-largest market, and there is also now a U.S. subsidiary. Our thesis behind this investment is that the market does not areciate the long-term growth rosects in China and the otential for caital allocation to imrove. Zojirushi: This is a leading rice cooker and stainless bottle manufacturer in Jaan, with dominant shares in both roduct categories. It also has a resence in both China and Taiwan. We believe returns in the near future could come from China as the comany generates strong growth and takes market share. Raised Tobacco Exosure on Valuation Grounds Over the quarter, we added to our existing osition in Jaan Tobacco. It is the world's third-largest tobacco comany with around 17% global share, excluding China, and with a market share in Jaan of around 61%. The comany's shares erformed oorly in the second quarter as it lost market share domestically to its rival in the heat-not-burn category. However, we believe that the stock has been oversold, and the new roduct will shortly be launched. In our view, the dividend is high and sustainable, and we believe the valuation is attractive. Switched Around Pharmaceutical Names Although we remain near benchmark neutral in harmaceutical names, we made a number of switches to our holdings over the quarter. The sector is facing increasing domestic rice ressures due to government reform of Jaan's drug ricing system, and we eliminated a coule of the ortfolio's holdings. We redeloyed these funds into a new osition in Takeda Pharmaceutical. Astellas Pharma: This is a global harmaceutical comany that derives around half of its earnings from Jaan, 20% from the U.S., and 25% from Euroe. We eliminated the comany on domestic rice ressures and due to our reference for Takeda Pharmaceutical within the sector. Ono Pharmaceutical: This Jaanese harmaceutical comany is also facing rice ressures due to the new government ricing olicy. We sold out of the osition, switching the roceeds to Takeda Pharmaceutical. Takeda Pharmaceutical: We initiated a osition following the comany's acquisition of Shire, an Irish harmaceutical. In our view, the deal is transformational and cash generative and also rovides dividend suort. We believe the deal could be accretive to EPS and also generate high-single-digit growth in the near term. Took Profits Where Our Investment Thesis Had Played Out As the review eriod began, the ortfolio held a coule of arcel deliverers within the TOPIX Transortation and Logistics sector. Our investment thesis, namely that arcel delivery rices would increase, successfully layed out. SG Holdings: We eliminated our holding in Jaan's second-largest arcel delivery comany. Following the rise in delivery rices and the stock's outerformance, and without any further catalyst, we took rofits and eliminated the osition. Yamato Holdings: This is the country's largest arcel deliverer. We trimmed our osition as the investment thesis had largely layed out. Trimmed FamilyMart UNY Following Strong Run Within the retail trade sector, FamilyMart UNY was formed following a merger in We originally added the name to the ortfolio on the exectation that synergies from the merger would start to come through. This has layed out as we exected, and the stock has outerformed since then. We trimmed the extent of our osition to reflect this outerformance, and we now see reduced further uside otential in the share rice. Remain Absent in Jaanese Banks and Underweight Other Areas of Financials We continue to have no exosure to banks, the ortfolio's largest sector underweight by a significant margin. Cometition within the sector remains rife, leading to an almost unlimited suly of loans at very low rates. Net interest margin comression has been easing, but the benefits from this are being eroded by banks trying to gain market share. MANAGER'S OUTLOOK The Shinzo Abe-led Liberal Democratic Party (LDP) has successfully broken the long-held tradition of olicy inertia via its attemts to jum-start the economy and equity markets with the magnitude of its olicy intent. Abe is also attemting to deal with the economy's structural challenges: cororate tax rates have been lowered, an enhanced cororate governance code has been imlemented, while initiatives to encourage married women and foreign workers into the labor force have also been announced. The instance of comanies defying the sketics by transforming business ractices and governance standards is growing. This should hel to deliver rofit growth and generate shareholder returns. The volume of shareholder buybacks is increasing, while merger and acquisition activity is slowly emerging. Where imlemented effectively, we exect transformational actions to be rewarded through higher valuations. We firmly believe that the valuation case for Jaan still holds and that Jaanese cororate earnings growth is likely to exceed global eers. This view underlies many of our referred stock ideas today. Our long-held view that the Bank of Jaan's olicy decisions would weaken the yen over time has softened given the backdro of an Not for use with Individual Investors. 4

5 increasingly unredictable currency outlook. We continue to believe the outlook for the currency is one of uncertainty and volatility. As well as market-secific drivers, the condition of the global economy remains a critical factor in terms of suort for the Jaanese equity market. On this oint, our view is that we remain in an environment of robust global growth, which should hel the best of cororate Jaan to erform reasonably well. However, we are cognizant and concerned about the escalation of the trade war rhetoric that is coming from the world's largest trading artners. We continue to hoe that sanctions and trade war concerns will subside but our quality bias within the ortfolio should hold us in good stead should trade wars jeoardize the suortive growth environment. Increasing stock secific disersion will need to be navigated in the near term as the market digests subtle changes in the to-down investment case and reacts to surrise and disaointment always inherent in Jaan. Over the medium term, we remain ubeat, esecially regarding those stocks central to Jaan's evolution. We believe that investing in durable and imroving businesses caable of weathering economic turbulence remains an advantaged aroach to Jaanese equity investing. Not for use with Individual Investors. 5

6 QUARTERLY ATTRIBUTION SECTOR ATTRIBUTION DATA VS. TOPIX INDEX (TOP AND BOTTOM 5 BY TOTAL VALUE ADDED) (3 months ended June 30, 2018) Total Value Added Value Added from Grou Weight Value Added from Stock Selection 3% 2% 1% 0% -1% Total Retail Trade Financial Serv- Ex Banks Bottom Five Total Value Added Electric Power & Gas To Five Total Value Added Autos & IT & Trans Services Equiment & Other Banks Construction & Materials Pharmaceutical Machinery Over/Underweight 21% Electric Ali & Prec Ins Over/Underweight 0.00% 4.62% 15.34% -1.35% -6.66% -2.52% -3.85% -1.76% -0.77% 7.48% -1.17% Fund Performance Index Performance Value Add - Grou Weight Value Add - Stock Selection Total Contribution TOP 5 RELATIVE CONTRIBUTORS VS. TOPIX INDEX (3 months ended June 30, 2018) Security % of Equities TOP 5 RELATIVE DETRACTORS VS. TOPIX INDEX (3 months ended June 30, 2018) Net Contribution (Basis Points) Security % of Equities 14% 7% 0% -7% Net Contribution (Basis Points) Start Today Co Ltd 2.5% 61 Miura Co Ltd 2.7% -78 Familymart Uny Holdings Fanuc Cororation Solasto Cororation Sms Co Ltd Gmo Payment Gateway Inc Mitsubishi Electric Cor Hoshizaki Cororation Persol Holdings Co Ltd Net contribution is calculated versus a secific benchmark. It is the difference between the security s absolute contribution to the ortfolio and the security s absolute contribution to the benchmark. This reflects the amount the security has imacted relative return. Past erformance cannot guarantee future results. All numbers are ercentages. Note: Analysis reresents the equity-only erformance of the ortfolio as calculated by the Wilshire Atlas attribution model and is exclusive of cash, trusts, mutual funds, delisted securities, and other non-equity holdings. Returns will not match official T. Rowe Price erformance because Wilshire uses different ricing and exchange rate sources and does not cature intraday trading or fair- value ricing. Performance for each security is obtained in the local currency and, if necessary, is converted to U.S. dollars using an exchange rate determined by an indeendent third arty. Sources: Wilshire Atlas, FT Interactive, and IDC; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the TOPIX sectors and industries for sector and industry reorting for this roduct. Figures are shown gross of fees. Not for use with Individual Investors. 6

7 12-MONTH ATTRIBUTION SECTOR ATTRIBUTION DATA VS. TOPIX INDEX (TOP AND BOTTOM 5 BY TOTAL VALUE ADDED) (12 months ended June 30, 2018) Total Value Added Value Added from Grou Weight Value Added from Stock Selection 12% 9% 6% 3% 0% -3% Total IT & Services & Other To Five Total Value Added Retail Trade Banks Pharmaceutical Transortation & Logistic Raw Materials & Chemicals Bottom Five Total Value Added Steel & Commercial Non-Ferrous & Wholesl Energy Metal Trd Over/Underweight 36% Over/Underweight 0.00% 15.34% 4.62% -6.66% -0.77% -4.32% -0.53% -1.05% 0.20% -4.79% 0.72% Fund Performance Index Performance Value Add - Grou Weight Value Add - Stock Selection Total Contribution TOP 5 RELATIVE CONTRIBUTORS VS. TOPIX INDEX (12 months ended June 30, 2018) Security % of Equities Foods TOP 5 RELATIVE DETRACTORS VS. TOPIX INDEX (12 months ended June 30, 2018) Net Contribution (Basis Points) Security % of Equities Familymart Uny Holdings 2.5% 168 Toyota Motor Cor 0.0% -84 Solasto Cororation Sony Cor Gmo Payment Gateway Inc Shiseido Comany Limite Hikari Tsushin Inc Hitachi Metals Start Today Co Ltd Mitsubishi Cor Net contribution is calculated versus a secific benchmark. It is the difference between the security s absolute contribution to the ortfolio and the security s absolute contribution to the benchmark. This reflects the amount the security has imacted relative return. Past erformance cannot guarantee future results. All numbers are ercentages. Note: Analysis reresents the equity-only erformance of the ortfolio as calculated by the Wilshire Atlas attribution model and is exclusive of cash, trusts, mutual funds, delisted securities, and other non-equity holdings. Returns will not match official T. Rowe Price erformance because Wilshire uses different ricing and exchange rate sources and does not cature intraday trading or fair- value ricing. Performance for each security is obtained in the local currency and, if necessary, is converted to U.S. dollars using an exchange rate determined by an indeendent third arty. Sources: Wilshire Atlas, FT Interactive, and IDC; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the TOPIX sectors and industries for sector and industry reorting for this roduct. Figures are shown gross of fees. 27% 18% 9% 0% -9% Net Contribution (Basis Points) Not for use with Individual Investors. 7

8 PORTFOLIO POSITIONING SECTOR DIVERSIFICATION CHANGES OVER TIME Fund - Prior Year (6/30/17) Fund - Prior (3/31/18) Fund - Current (6/30/18) 30% 25% 20% 15% 10% TOPIX Index - Current (6/30/18) 5% 0% It & Services & Others Elec A & Prec Instr Machinery Retail Trade Auto & Tran Equi Raw Materials And Foods Pharmaceutical Real Estate Steel And Nonferrous Metals Other LARGEST PURCHASES LARGEST SALES Issuer Sector % of Fund Current 6/30/18 % of Fund Prior 3/31/18 Issuer Sector % of Fund Current 6/30/18 % of Fund Prior 3/31/18 Softbank It & Services & Others 3.1% 3.1% Softbank It & Services & Others 3.1% 3.1% Nion Telegrah & Telehone It & Services & Others Nion Telegrah & Telehone It & Services & Others Miura Machinery FamilyMart UNY Holdings Retail Trade Keyence Electric Aliances And Precision Instruments Yamato Transortation And Logistics Jaan Tobacco Foods SG Holdings (E) Transortation And Logistics Hoshino Resorts REIT Real Estate Astellas Pharma (E) Pharmaceutical Takeda Pharmaceutical (N) Pharmaceutical Ono Pharmaceutical (E) Pharmaceutical TechnoPro Holdings It & Services & Others Kadokawa Dwango (E) It & Services & Others Zojirushi Electric Aliances And Precision Instruments Nion Paint Holdings (N) Raw Materials And Chemicals Sanwa Holdings (E) Construction And Materials Miraca Holdings (E) It & Services & Others (N) New Position (E) Eliminated Not for use with Individual Investors. 8

9 HOLDINGS TOP 10 ISSUERS Issuer Industry % of Fund % of TOPIX Index Softbank Communication 3.1% 1.4% Nion Telegrah & Telehone Communication Suzuki Motor Transortation Equiment Miura Machinery Keyence Electric Aliances Start Today Retail Trade Daio Paer Pul And Paer FamilyMart UNY Holdings Retail Trade NTT DOCOMO Communication Jaan Tobacco Foods TOP 5 OVER/UNDERWEIGHT POSITIONS VS. TOPIX INDEX Issuer Industry % of Fund % of TOP- IX Index Over/Underweight Miura Machinery 2.7% 0.0% 2.6% Daio Paer Pul And Paer Start Today Retail Trade FamilyMart UNY Holdings Retail Trade Solasto Services Toyota Motor Transortation Equiment Mitsubishi UFJ Financial Banks Sony Electric Aliances Sumitomo Mitsui Financial Banks Honda Motor Transortation Equiment PORTFOLIO MANAGEMENT Portfolio Manager: Archibald Ciganer Managed Fund Since: 2013 Joined Firm: 2007 Not for use with Individual Investors. 9

10 Additional Disclosures Source for MSCI data: MSCI. MSCI makes no exress or imlied warranties or reresentations and shall have no liability whatsoever with resect 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 roducts. This reort is not aroved, reviewed or roduced by MSCI. MSCI index returns are shown with gross dividends reinvested. The manager s views and ortfolio holdings are historical and subject to change. This material should not be deemed a recommendation to buy or sell any of the securities mentioned. The secific securities identified and described do not reresent all of the securities urchased, sold, or recommended for the Fund and no assumtions should be made that the securities identified and discussed were or will be rofitable. The information shown does not reflect any ETFs that may be held in the ortfolio. T. Rowe Price uses TOPIX sectors and industries for sector and industry reorting for this roduct. Source: Tokyo Stock Exchange. Diversification exhibits may not add to 100% due to exclusion or inclusion of cash. "Other" includes any categories not exlicitly mentioned. Certain numbers in this reort may not equal stated totals due to rounding. Unless otherwise stated, data is as of the reort date. Unless indicated otherwise the source of all data is T. Rowe Price. This material has been reared for informational uroses only. The views and oinions stated in this commentary are those of the ortfolio managers listed as of the date indicated. These views and oinions are subject to change based on market or other conditions and may differ from those of other T. Rowe Price associates. Actual market and investment results may differ materially from exectations. T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Shee design are, collectively and/or aart, trademarks or registered trademarks of T. Rowe Price Grou, Inc. All rights reserved. T. Rowe Price Investment Services, Inc., Distributor Not for use with Individual Investors. 10