<PAGE>
T. ROWE PRICE
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International Funds-Equity Portfolios
T. Rowe Price International Growth & Income Fund
Supplement to prospectus dated March 1, 2000, revised to October 26, 2000
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Effective November 1, 2000, Table 3 on page 13 of the prospectus is amended as
follows to reflect the extension of the fund's expense ratio limitation:
<TABLE>
<CAPTION>
<S> <S> <C> <S> <S>
Fund Limitation Period Expense Ratio Limitation Reimbursement Date
International Growth
& Income 11/1/00-10/31/02 1.25% 10/31/04
</TABLE>
/f/
The International Growth & Income Fund operated under a 1.25% expense ratio
limitation that expired on October 31, 2000. The reimbursement period for
this limitation extends through October 31, 2002.
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The date of this supplement is November 1, 2000.
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C01-041 11/01/00
