(PUB) Investing 2016

6

Data through October 31, 2016 FINRA members: For internal or institutional use only. T. Rowe Price International Discovery

Ticker PRIDX

Yield 0.6%

Total Assets $4,934 mil

Mstar Category ForeignSmall/MidGrowth

Benchmark 1: MSCI World Ex USA SMID NR USD Benchmark 2: MSCI ACWI Ex USA NR USD Morningstar Analyst Rating 10-28-16 „

Investment Style Equity

Historical Profile Return Risk Rating Above Avg Below Avg QQQQ Above Avg

8 8 8 8 8 8 8 8

20.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

15.0

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive ∞ Positive

10.0

Performance

People Parent

Performance Quartile (within Category)

* * ( & ) * & ( & * & 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 10-16 47.48 48.82 24.08 36.95 43.90 37.31 46.10 55.74 51.58 53.95 55.73 27.65 16.57 -49.93 55.69 20.47 -14.08 26.00 24.37 -0.43 9.88 3.40 0.16 11.30 -3.84 12.70 0.79 0.54 8.95 1.21 3.14 6.73 0.25 1.00 -0.08 -4.40 14.24 9.31 -0.38 9.17 9.09 3.44 15.54 -0.90 0.75 0.72 0.76 1.00 0.46 0.87 1.37 1.34 0.81 0.72 0.00 26.90 15.85 -50.68 54.69 20.01 -14.95 24.63 23.03 -1.23 9.16 3.40 0.31 0.34 0.37 0.24 0.17 0.38 0.51 0.62 0.45 0.37 0.00 4.91 5.95 0.00 0.30 0.43 0.02 0.39 0.92 3.38 2.33 0.05 1.24 1.21 1.24 1.29 1.24 1.23 1.23 1.23 1.21 1.20 1.21 0.79 0.76 0.92 0.94 0.48 0.78 1.38 1.32 0.76 0.75 0.29 46 34 58 17 77 31 11 60 15 29 14

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 10-31-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

17.23 -5.42 7.86 5.35 26.00 6.03 -0.47 10.42 6.73 24.37 2.57 3.18 -5.22 -0.73 -0.43 4.15 6.16 -7.29 7.20 9.88

. .

82

68

67

65

55

49

40

51

42

40

2,310 3,013 1,316 2,208 2,734 2,219 2,910 3,519 3,563 4,315

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 09-30-16 Total Stocks: 213 Share change since 06-30-16

-1.72 -1.24 9.14

— —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

Country

% Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

T T. Rowe Price Reserve Inv

— United States

6.70 1.27 1.16 0.95 0.94 0.89 0.87 0.83 0.83 0.83 0.82 0.77 0.76 0.75 0.73 0.72

1 Yr 3 Yr 5 Yr

5.40 5.49

3 Mo 6 Mo

0.98 2.48 0.57 4.60 5.10 2.59 5.40 3.57 5.18 5.49 3.97 6.98 10.94 4.25 7.30 6.05 3.25 4.44

6 10,098 8 10,460 13 10,540 9 11,738 10 16,801 13 17,995 16 46,380

MercadoLibre Inc

Cnsmr Cyc Brazil

-Avg QQQQ -Avg QQQQ -Avg QQQQ

+Avg +Avg +Avg

Partners Group Holding AG Fisher & Paykel Healthcar

Finan Svcs Switzerland Hlth Care New Zealand

10.94

1 Yr

10 Yr Incept

6.05

3 Yr Avg 5 Yr Avg 10 Yr Avg

YOOX Net-A-Porter Group S Cnsmr Cyc Italy

10.03

Tecan Group Ltd

Hlth Care Switzerland Hlth Care Denmark

Ambu A/S B Abcam PLC Playtech PLC

Other Measures

Standard Index

Best Fit Index

15 Yr Avg 10.77 2.26 4.50

Hlth Care United Kingdom 0.85 Cnsmr Cyc United Kingdom 0.85

Alpha

6.4

5.3

Beta

0.74

0.79

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Axiare Patrimonio SOCIMI

Real Est Industrl

Spain Japan

R-Squared

79

81

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

3.96 9.74 4.81

11 11 13

1.45 1.08 1.17

69 70 69

T Fujitech Co Ltd

Standard Deviation

10.50

T Nippon Seiki Co Ltd

Cnsmr Cyc Japan

Mean

5.49 0.55

NORMA Group SE

Industrl

Germany

Sharpe Ratio

Victrex PLC

Basic Mat United Kingdom 0.81

Potential Capital Gain Exposure: 23% of assets

DCC PLC

Energy

United Kingdom 0.78

Morningstar's Take by William Samuel Rocco 10-28-16 T.RowePrice InternationalDiscoverycomplementsmany core foreign holdings quite nicely, and it earns a Morningstar Analyst Rating of Silver. This foreign small/mid-growth fund has relatively limited overlap with most foreign large-cap offerings. Justin Thomson and his comanagers focus well down the market-cap ladder as they pursue profitable growers with strong fundamentals, and this fund’s average market cap is generally lower than those of the typical foreign small/ mid-growth, -blend, and -value funds. And the managers readily invest in superior growers that are based in emerging or small developed markets, so this fund has geographic diversification value as well. Meanwhile, despite its commitment to small caps and taste for emerging-markets stocks, this fund is not very aggressive overall. Thomson and his comanagers pay ample attention to valuations and move at a measured pace, They also invest in many more names and devote far fewer assets to their top 10 holdings than most foreign small/mid-cap managers. Therefore, this fund takes on less much price risk and less company- specific risk than many of its rivals.

Y Sanwa Holdings Corp

Basic Mat Japan

TAL Education Group ADR

Cnsmr Def

China

Thomsonandhiscomanagershave regularlyputtheir growth discipline to good use. This fund has comfortably outpaced the typical foreign small/mid-growth, -blend, and -value funds during the 12 months through Sept. 30, 2016, as many of the managers’ Asian and European picks have prospered. It also has outperformed frequently in the past, and it has superior long-term total and risk- adjusted returns. What’s more, Thomson has been at the helm longer than 91 of the 97 other foreign small/mid-cap skippers. He and his comanagers have a good support team. And this fundhasasignificantcostedgeovermostof its rivals. For all these reasons, this fund is an excellent option for investors who are seeking a supplemental foreign vehicle for the long haul and can handle the occasional rough stretch. Such investors should note that this fund is expected to make a distribution in mid-December.

Gecina

Real Est Industrl

France Japan

Obara Group Inc

XXL ASA

Cnsmr Cyc Norway

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 0.0 Large 20.3 Mid 51.7 Small 25.9 Micro 2.1 Avg $mil: 2,050

Value Blend Growth

Large Mid Small

51.24 1.04 10.94 0.80 25.27 1.64 9.83 0.88 5.20 0.57 31.00 0.89 1.96 0.98 1.20 0.30 13.77 0.72 14.07 1.47 17.75 1.11 5.41 0.79 12.34 2.18 0.00 0.00

Value Measures

Rel Category

Price/Earnings 17.71

0.91 0.69 0.62 0.56 0.93 0.96 0.47 -2.20 -3.46 -0.13

Price/Book Price/Sales

1.79 0.99

Price/Cash Flow 4.97 Dividend Yield % 1.93

Growth Measures

% Rel Category

Long-Term Erngs 13.46

Regional Exposure % Stock UK/W. Europe 42 N. America 2 Japan 25 Latn America 4 Asia X Japan 26 Other 1

Book Value

3.79 -5.03

Sales

Address:

T. Rowe Price International Funds, Inc.

Minimum Purchase: Min Auto Inv Plan:

$2500 Add: $100 IRA: $1000

Cash Flow -30.96 Historical Erngs -0.89

Baltimore, MD 21202

$2500 Add: $100

800-638-5660

Sales Fees:

No-load, 2.00%R

Country Exposure

% Stock

Web Address:

www.troweprice.com

Management Fee:

0.75%

Composition - Net Cash

Japan

25 14

Switzerland 5 Germany 5

Inception:

12-30-88

Actual Fees:

Mgt:1.04% Dist:0.00%

9.2 Bonds

0.0 0.5

Advisor:

T. Rowe Price Associates, Inc. T. Rowe Price International Limited

Expense Projections: 3Yr:$381 5Yr:$660 10Yr:$1455

UK

Stocks 90.3 Other

Subadvisor:

Income Distribution:

Annually

China

9

Foreign (% of Stock)

98.8

A

ß ® Mutual Funds

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