<PAGE>
October 1, 1999
FUND PROFILE
T. ROWE PRICE
New Asia Fund
A stock fund seeking long-term capital growth through investments in Asia and
the Pacific Basin, excluding Japan.
This profile summarizes key information about the fund that is included in the
fund's prospectus. The fund's prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund that you may want to consider before you invest. You may
obtain the prospectus and other information about the fund at no cost by calling
1-800-638-5660, or by visiting our Web site at www.troweprice.com.
TROWEPRICELOGO
<PAGE>
FUND PROFILE
- ---------------------------------------------------------
What is the fund's objective?
The fund seeks long-term growth of capital through investments in companies
located, or with primary operations, in Asia (excluding Japan).
What is the fund's principal investment strategy?
The fund will invest at least 65% of its total assets in any of the countries
listed below, as well as others as their markets develop:
. Primary Emphasis: Australia, Hong Kong, Indonesia, India, New Zealand,
Philippines, Singapore, South Korea, Taiwan, and Thailand.
. Others: China, Pakistan, and Vietnam.
Selection of common stocks reflects a growth style. Price-Fleming employs
in-depth fundamental research in an effort to identify companies capable of
achieving and sustaining above-average, long-term earnings growth. We seek to
purchase such stocks at reasonable prices in relation to present or
anticipated earnings, cash flow, or book value, and valuation factors often
influence our allocations among large-, mid-, or small-cap shares.
While we invest with an awareness of the global economic backdrop and our
outlook for individual countries, bottom-up stock selection is the focus of
our decision-making. Country allocation is driven largely by stock selection,
though we may limit investments in markets that appear to have poor overall
prospects.
While the fund invests primarily in common stocks, we may also purchase other
securities, including futures and options, in keeping with the fund's
objective.
In selecting stocks, we generally favor companies with one or more of the
following characteristics:
. leading market position;
. attractive business niche;
. strong franchise or natural monopoly;
. technological leadership or proprietary advantages;
. seasoned management;
. earnings growth and cash flow sufficient to support growing dividends;
. healthy balance sheet with relatively low debt.
The fund may sell securities for a variety of reasons, such as to secure
gains, limit losses, or redeploy assets into more promising opportunities.
<PAGE>
1
FUND PROFILE
- ---------------------------------------------------------
Further information about the fund's investments, including a review of
market conditions and fund strategies and their impact on performance, is
available in the annual and semiannual shareholder reports. To obtain free
copies of any of these documents, call 1-800-638-5660.
What are the main risks of investing in the fund?
As with all stock funds, this fund's share price can fall because of weakness
in one or more of its primary equity markets, a particular industry, or
specific holdings. Stock markets can decline for many reasons, including
adverse political or economic developments, changes in investor psychology,
or heavy institutional selling. The prospects for an industry or company may
deteriorate because of a variety of factors, including disappointing earnings
or changes in the competitive environment. In addition, our assessment of
companies held in the fund may prove incorrect, resulting in losses or poor
performance even in rising markets.
Funds that invest overseas generally carry more risk than funds that invest
strictly in U.S. assets. Even investments in countries with highly developed
economies are subject to significant risks. Some particular risks affecting
this fund include the following:
. Currency risk This refers to a decline in the value of a foreign currency
versus the U.S. dollar, which reduces the dollar value of securities
denominated in that currency. The overall impact on a fund's holdings can be
significant and long-lasting depending on the currencies represented in the
portfolio, how each one appreciates or depreciates in relation to the U.S.
dollar, and whether currency positions are hedged. Under normal conditions,
the fund does not engage in extensive foreign currency hedging programs.
Further, exchange rate movements are unpredictable and it is not possible to
effectively hedge the currency risks of many developing countries.
. Emerging market risk Investments in emerging markets are subject to abrupt
and severe price declines. The economic and political structures of
developing nations, in most cases, do not compare favorably with the U.S. or
other developed countries in terms of wealth and stability, and their
financial markets often lack liquidity. These economies are less well
developed and can be overly reliant on particular industries, more vulnerable
to the ebb and flow of international trade, trade barriers, and other
protectionist or retaliatory measures. Certain countries have legacies of
hyperinflation and currency devaluations. Investments in countries or regions
that have recently begun moving away from central planning and state-owned
industries toward free markets should be regarded as speculative. While
certain countries have made progress in economic growth, liberalization,
fiscal discipline, and political and social stability, there is no assurance
these trends will continue. Some countries have histories of instability and
upheaval that could cause their govern-
<PAGE>
2
2
FUND PROFILE
- ---------------------------------------------------------
ments to act in a detrimental or hostile manner toward private enterprise or
foreign investment. Significant external risks currently affect some emerging
countries.
Governments in many emerging market countries participate to a significant
degree in their economies and securities markets. The volatility of emerging
markets may be heightened by the actions of a few major investors. For
example, substantial increases or decreases in cash flows of mutual funds
investing in these markets could significantly affect local stock prices and,
therefore, fund share prices. These factors make investing in such countries
significantly riskier than in other countries and any one of them could cause
a fund's share price to decline.
. Geographic risk Funds that are less diversified across geographic regions,
countries, industries, or individual companies are generally riskier than
more diversified funds. The economies and financial markets of certain
regions, including Asia, can be highly interdependent and may decline at the
same time regardless of circumstances within particular countries or
companies. In addition, portfolio securities may be listed on foreign
exchanges that are open on days when the fund does not compute its share
price. As a result, the fund's net asset value may be significantly affected
by trading on days when shareholders can not make transactions.
. Other risks of foreign investing Other risks result from the varying stages
of economic and political development, the differing regulatory environments
and accounting standards, and higher transaction costs of non-U.S. markets.
Investments outside the United States could be subject to actions such as
capital or currency controls, nationalizing a company or industry,
expropriating assets, or imposing punitive taxes which would have an adverse
effect on the fund.
. Futures/options risk To the extent the fund uses futures and options, it is
exposed to additional volatility and potential losses.
. Year 2000 risk Companies, organizations, governmental entities, and markets
in which the fund invests will be affected by the Year 2000 problem. While at
this time the fund cannot predict the degree of impact, it is possible that
foreign markets will be less prepared than U.S. ones. The fund's return could
be adversely affected as a result.
As with all mutual funds, there can be no guarantee the fund will achieve its
objective.
. The fund's share price may decline, so when you sell your shares, you may
lose money. An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
<PAGE>
3
FUND PROFILE
- ---------------------------------------------------------
How can I tell if the fund is appropriate for me?
Consider your investment goals, your time horizon for achieving them, and
your tolerance for the inherent risk of common stock and emerging-market
investments. A regional fund such as this one is most appropriately used to
supplement more-diversified "core" holdings. If you want additional exposure
to Asia and can accept the fund's additional risks in an effort to achieve
potentially greater capital appreciation, the fund could be an appropriate
part of your overall investment strategy.
The fund can be used in both regular and tax-deferred accounts, such as IRAs.
. The fund should not represent your complete investment program or be used
for short-term trading purposes.
How has the fund performed in the past?
The bar chart and the average annual total return table indicate risk by
illustrating how much returns can differ from one year to the next. The
fund's past performance is no guarantee of its future returns.
The fund can also experience short-term performance swings, as shown by the
best and worst calendar quarter returns during the years depicted in the
chart.
LOGO
<TABLE>
<CAPTION>
Calendar Year Total Returns
"91" "92" "93" "94" "95" "96" "97" "98"
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <S>
19.32 11.24 78.76 -19.15 3.75 13.51 -37.13 -11.11
--------------------------------------------------------------------------------
</TABLE>
Quarter ended Total return
Best quarter 12/31/93 33.88%
<PAGE>
4
4
FUND PROFILE
- ---------------------------------------------------------
Worst quarter 12/31/97 -27.05%
<PAGE>
5
FUND PROFILE
- ---------------------------------------------------------
<TABLE>
Table 1 Average Annual Total Returns
<CAPTION>
Periods ended
September 30, 1999
Since inception
1 year 5 years (09/28/1990)
-----------------------------------
<S> <C> <C> <C>
New Asia Fund 66.58 % -3.87 % 6.78%
MSCI All Country Far East Free
Ex-Japan 84.68 -5.43 10.31
Lipper Pacific Ex-Japan Funds 65.99 -4.37 5.37
Average
------------------------------------------------------------------------------
</TABLE>
These figures include changes in principal value, reinvested dividends, and
capital gain distributions, if any.
What fees or expenses will I pay?
The fund is 100% no load. There are no fees or charges to buy or sell fund
shares, reinvest dividends, or exchange into other T. Rowe Price funds. There
are no 12b-1 fees.
<TABLE>
Table 2 Fees and Expenses of the Fund
<CAPTION>
Annual fund operating expenses
(expenses that are deducted from fund assets)
-------------------------------------------------------------------------------------
<S> <C>
Management fee 0.82%/ // /
Other expenses 0.47%
Total annual fund operating 1.29%/ // /
expenses
-------------------------------------------------------------------------------------
</TABLE>
Example. The following table gives you a rough idea of how expense ratios
may translate into dollars and helps you to compare the cost of investing in
this fund with that of other funds. Although your actual costs may be higher
or lower, the table shows how much you would pay if operating expenses remain
the same, you invest $10,000, you earn a 5% annual return, and you hold the
investment for the following periods:
<TABLE>
<CAPTION>
1 year 3 years 5 years 10 years
----------------------------------------------------
<S> <C> <C> <C>
$131 $409 $708 $1,556
----------------------------------------------------
</TABLE>
Who manages the fund?
The fund is managed by Rowe Price-Fleming International, Inc., a joint
venture between T. Rowe Price Associates, Inc. and the London-based Fleming
Group. Established in 1979, Price-Fleming manages investments for individual
and institutional accounts, including 12 no-load mutual funds sold directly
to the public.
<PAGE>
FUND PROFILE
- ---------------------------------------------------------
The fund has an Investment Advisory Group that has day-to-day responsibility
for managing the portfolio and developing and executing its investment
program. The advisory group consists of Martin G. Wade, who joined
Price-Fleming in 1979 and has 30 years of experience with the Fleming Group
in research, client service, and investment management; Frances Dydasco, who
joined Price-Fleming in 1996 and has 10 years of experience in research and
financial analysis; and Mark J.T. Edwards, who joined Price-Fleming in 1987
and has 17 years of experience in financial analysis.
Note: The following questions and answers about buying and selling shares and
services do not apply to employer-sponsored retirement plans. If you are a
participant in one of these plans, please call your plan's toll-free number for
additional information.
How can I purchase shares?
Fill out the New Account Form and return it with your check in the postpaid
envelope. The minimum initial purchase is $2,500 ($1,000 for IRAs and gifts
or transfers to minors). The minimum subsequent investment is $100 ($50 for
IRAs, gifts or transfers to minors, or Automatic Asset Builder). You can also
open an account by bank wire, by exchanging from another T. Rowe Price fund,
or by transferring assets from another financial institution.
How can I sell shares?
You may redeem or sell any portion of your account on any business day.
Simply write to us or call. You can also access your account at any time via
Tele*Access /(R)/ or our Web site. We offer convenient exchange among our
entire family of domestic and international funds. Restrictions may apply in
special circumstances, and some redemption requests need a signature
guarantee. A $5 fee is charged for wire redemptions under $5,000.
When will I receive income and capital gain distributions?
The fund distributes income and net capital gains, if any, at year-end. For
regular accounts, income and short-term gains are taxable at ordinary income
rates, and long-term gains are taxable at the capital gains rate.
Distributions are reinvested automatically in additional shares unless you
choose another option, such as receiving a check. Distributions paid to IRAs
and employer-sponsored retirement plans are automatically reinvested.
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
www.troweprice.com
LOGO
RPS F39-035
T. Rowe Price Investment Services, Inc., Distributor
<PAGE>
7
FUND PROFILE
- ---------------------------------------------------------
What services are available?
A wide range, including but not limited to:
. retirement plans for individuals and large and small businesses;
. automated information and transaction services by telephone or computer;
. electronic transfers between fund and bank accounts;
. automatic investing and automatic exchange;
. brokerage services; and
. asset manager accounts.
<PAGE>
