Not FDIC-insured. May lose value. No bank guarantee.

Emerging Markets Stock Fund Investor Class: PRMSXSeptember 30, 2020

Examining a complex global economy in pursuit ofEMERGING MARKET LEADERS.

EMBEDDED EXPERTISEOur team remains one of the broadest, most experienced, and diverse in the industry. Analysts are located around the globe for a more thorough knowledge of companies to provide keener insights and uncover long-term prospects.

DISTINCT DIVERSIFICATIONThe fund's country and sector weightings can vary from the benchmark and peers, offering investors an uncommon yet measured portfolio that has delivered good risk-adjusted returns in the face of recent challenging years in the emerging world.

LONG-TERM FOCUSDeveloping economies are complex with unique risks, but the right investments can offer powerful growth potential for patient investors. The fund seeks reasonably priced industry leaders with solid management teams and a long runway for growth.

Finding growth in evolving economies takes a coordinated, on-the-ground team of experts.

The fund relies on MSCI, Inc., to determine which countries are considered emerging markets, and the fund expects to invest primarily in the highlighted countries above (other countries may be added or listed countries may be removed).

All investments are subject to risks, including the possible loss of principal. International investments are subject to additional risks, including the potential for adverse political and economic developments, greater volatility, less liquidity, and the possibility that foreign currencies will decline against the dollar. These risks are greater in emerging markets. Small- and mid-cap stocks can have greater risk and volatility than the stocks of larger companies.

T. Rowe Price Investment Services, Inc., Distributor.202001-1059615

September 30, 2020Emerging Markets Stock Fund

Experienced Management

Gonzalo Pángaro

Investment Experience: 29 YearsAt T. Rowe Price:22 Years

Morningstar®Overall Morningstar Rating

Morningstar Category Diversified Emerging Mkts

Rated against 695 Diversified Emerging Mkts funds, as of 09/30/2020, based on risk-adjusted returns.

T. Rowe Price EmergingMarkets Stock is a superioroffering thanks to a skilledportfolio manager with asizable and strong supportteam as well as a soundgrowth-oriented approach.

- MorningstarOctober 10, 2019

As of 09/30/2020, the Emerging Markets Stock Fund, received 4 stars for 3 Years/695 funds, 4 stars for 5 Years/590 funds, and 4 stars for 10 Years/264 funds in the Diversified Emerging Mkts category. Ratings are subject to change. The Morningstar Rating for funds, or "star rating", is calculated for funds with at least a 3-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar RatingTM metrics. Past performance cannot guarantee future results.*

Top 20 HoldingsRank Issue Industry Country % of Net Assets

1 Taiwan Semiconductor ManufacturingSemiconductors & Semiconductor Equipment Taiwan 8.68%

2 Tencent Holdings Interactive Media & Services China 8.50%3 Alibaba Group Holding Internet & Direct Marketing Retail China 6.30%

4 Samsung Electronics Technology Hardware, Storage & Peripherals South Korea 5.77%

5 LG Household & Health Care Personal Products South Korea 3.16%6 Alibaba Group Holding Internet & Direct Marketing Retail China 3.16%7 AIA Group Insurance Hong Kong 3.08%8 Sberbank of Russia Banks Russia 2.98%9 Ping An Insurance Insurance China 2.43%10 Itau Unibanco Holding Banks Brazil 2.32%11 China Mengniu Dairy Food Products China 2.26%12 Housing Development Finance Thrifts & Mortgage Finance India 1.82%13 NAVER Interactive Media & Services South Korea 1.79%14 Largan Precision Electronic Equip, Instr & Cmpts Taiwan 1.76%15 Infosys IT Services India 1.53%16 CP ALL Food & Staples Retailing Thailand 1.52%17 HDFC Bank Banks India 1.38%

18 SK Hynix Semiconductors & Semiconductor Equipment South Korea 1.24%

19 TAL Education Diversified Consumer Services China 1.18%20 Kweichow Moutai Beverages China 1.17%

Total Portfolio Holdings 89 companies

Cumulative ReturnsInvestor ClassHypothetical Growth of $10,000

1.22%Expense Ratio:

$14,819.10

Average Annual Total Returns AnnualizedEmerging Markets Stock FundInception Date: 03/31/95

Three Months Year-to-Date One Year Three Years Five Years Ten Years Since Inception

Investor Class 9.22% -1.26% 10.82% 3.97% 11.18% 4.01% 7.67%

Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal 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 performance, or to request a prospectus or, if available, a summary prospectus which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing, please call 1-855-405-6488 or visit our website at troweprice.com. Total return figures include changes in principal value, reinvested dividends, and capital gain distributions.The expense ratio is as of the fund's most recent prospectus.*Source for Morningstar data: © 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content

providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers areresponsible for any damages or losses arising from any use of this information. Past performance cannot guarantee future results.

© 2020 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc.