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______, 2000
FUND PROFILE
T. ROWE PRICE
International Funds--EquityPortfolios
A choice of global, international, and regional stock funds for investors
seeking capital growth by diversifying beyond U.S. borders.
This profile summarizes key information about each fund that is included in each
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 each fund at no cost by
calling 1-800-638-5660, or by visiting our Web site at www.troweprice.com.
T. ROWE PRICE RAM LOGO
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FUND PROFILE
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What are each fund's objectives and principal investment strategies?
Worldwide funds:
International Stock Fund
Objective: The fund seeks long-term growth of capital through investments
primarily in the common stocks of established, non-U.S. companies.
Strategy: We expect to invest substantially all of the fund's assets outside
the U.S. and to diversify broadly among developed and emerging countries
throughout the world. Stock selection reflects a growth style. We may
purchase the stocks of companies of any size, but our focus will typically be
on large and, to a lesser extent, medium-sized companies.
Growth Investing
Selection of common stocks reflects a growth style. Rowe Price-Fleming
International, Inc. ("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.
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.
International Growth & Income Fund
Objective: The fund seeks long-term growth of capital and reasonable income
through investments primarily in the common stocks of mature, dividend-paying
non-U.S. companies.
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FUND PROFILE
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Strategy: We expect to invest substantially all of the fund's assets outside
the U.S. and to diversify broadly, primarily among the world's developed
countries. Typically, the fund will invest in large, mature companies that
have favorable prospects for capital appreciation, as determined by
Price-Fleming. Investments in emerging markets will be modest, and limited to
more mature developing countries.
In selecting common stocks, we combine proprietary quantitative analysis with
bottom-up research and a global, regional, and country outlook. Our investing
style reflects both a growth and a value orientation, although in general we
place less emphasis on above-average earnings growth and more on "value"
characteristics such as above-average dividend yields or below-average
price/earnings or price/book value ratios. Valuation factors often influence
our allocations among large-, mid-, or small-cap shares. Country allocation
is driven largely by stock selection, though we may limit investments in
markets that appear to have poor overall prospects.
Global Stock Fund
Objective: The fund seeks long-term growth of capital through investments
primarily in the common stocks of established companies throughout the world,
including the U.S.
Strategy: We will diversify broadly by investing in a variety of industries
in developed and, to a lesser extent, emerging markets. Normally, the fund
will invest in at least five countries, one of which will be the U.S. The
stock selection reflects a growth style. (See Growth Investing under
International Stock Fund.) While we can purchase stocks without regard to a
company's market capitalization (shares outstanding multiplied by share
price), investments will generally be in large and, to a lesser extent,
medium-sized companies. The percentage of assets invested in U.S. and foreign
stocks will vary over time according to the manager's outlook.
International Discovery Fund
Objective: The fund seeks long-term growth of capital through investments
primarily in the common stocks of rapidly growing, small to medium-sized
companies outside the U.S.
Strategy: We expect to invest substantially all of the fund's assets outside
the U.S. and to diversify broadly among developed and emerging countries
throughout the world. Stock selection reflects a growth style. (See Growth
Investing under International Stock Fund.) The fund will emphasize small to
medium-sized companies. Depending on conditions, the fund's portfolio should
be composed of at least 10 countries and 100 different companies.
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FUND PROFILE
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Emerging Markets Stock Fund
Objective: The fund seeks long-term growth of capital through investments
primarily in the common stocks of companies located, or with primary
operations, in emerging markets.
Strategy: Normally, the fund expects to invest substantially all of its
assets across emerging markets in Latin America, Asia, Europe, Africa, and
the Middle East. Stock selection reflects a growth style. (See Growth
Investing under International Stock Fund.) An emerging market includes any
country defined as emerging or developing by the International Bank for
Reconstruction and Development (World Bank), the International Finance
Corporation, or the United Nations.
Countries in which the fund may invest are listed below and others will be
added as opportunities develop:
. Asia: China, Hong Kong, Indonesia, India, Korea, Pakistan, Philippines,
Singapore, Sri Lanka, Taiwan, Thailand, and Vietnam.
. Latin America: Argentina, Belize, Brazil, Chile, Colombia, Mexico, Panama,
Peru, and Venezuela.
. Europe: Croatia, Czech Republic, Estonia, Greece, Hungary, Latvia,
Lithuania, Poland, Portugal, Romania, Russia, Slovakia, and Turkey.
. Africa and the Middle East: Botswana, Egypt, Israel, Jordan, Mauritius,
Morocco, Nigeria, South Africa, Tunisia, and Zimbabwe.
Regional or country funds:
European Stock Fund
Objective: The fund seeks long-term growth of capital through investments
primarily in the common stocks of European companies. Current income is a
secondary objective.
Strategy: Normally, at least five countries will be represented in the
portfolio. The fund expects to invest substantially all of its assets in the
countries listed below, as well as others as their markets develop:
. Primary Emphasis: France, Germany, Netherlands, Italy, Spain, Sweden,
Switzerland, and United Kingdom.
. Others: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, Greece,
Hungary, Ireland, Israel, Latvia, Lithuania, Luxembourg, Norway, Poland,
Portugal, Russia, Slovakia, and Turkey.
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Stock selection reflects a growth style. (See Growth Investing under
International Stock Fund.) We also seek to take advantage of opportunities
arising from such trends as privatization, the reduction of trade barriers,
progress toward economic and monetary union, and the potential growth of the
emerging economies of Eastern Europe.
Japan Fund
Objective: The fund seeks long-term growth of capital through investments in
common stocks of companies located, or with primary operations, in Japan.
Strategy: Normally, the fund expects to invest substantially all of its
assets across a wide range of Japanese industries and companies. Selection of
common stocks reflects a growth style. (See Growth Investing under
International Stock Fund.)
Latin America Fund
Objective: The fund seeks long-term growth of capital through investments
primarily in the common stocks of companies located, or with primary
operations, in Latin America.
Strategy: Normally, we expect to invest substantially all of the fund's
assets in Latin America companies. At least four countries should be
represented at any time. Investments may be made in the countries below, as
well as others as their markets develop:
. Primary Emphasis: Mexico, Brazil, Chile, Argentina, Venezuela, and Peru.
. Others: Belize, Colombia, Ecuador, and Guatemala.
Stock selection reflects a growth style. (See Growth Investing under
International Stock Fund.) We may make substantial investments (at times more
than 25% of total assets) in the telephone companies of various Latin
American countries. These utilities play a critical role in a country's
economic development. The fund is registered as "nondiversified," meaning it
may invest a greater portion of assets in a single company and own more of
the company's voting securities than is permissible for a "diversified" fund.
New Asia Fund
Objective: The fund seeks long-term growth of capital through investments in
companies located, or with primary operations, in Asia (excluding Japan).
Strategy: Normally, the fund expects to invest substantially all of its
assets in 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.
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Selection of common stocks reflects a growth style. (See Growth Investing
under International Stock Fund.)
<TABLE>
Table 1 International Funds Comparison Guide
<CAPTION>
Expected risk
Geographic Company relative to
Fund focus emphasis one another
-----
<S> <C> <C> <C> <S>
International Stock Worldwide Large, Moderate
(excluding U.S.) well established
--------------------------------------------------------------
International Growth Worldwide Large, Moderate
& Income (excluding U.S.) well established
--------------------------------------------------------------
Global Stock Worldwide Large, Lower
(including U.S.) well established
--------------------------------------------------------------
International Worldwide Small to Higher
Discovery (excluding U.S.) medium-sized
--------------------------------------------------------------
Emerging Markets Worldwide All sizes Highest
Stock (excluding U.S.)
--------------------------------------------------------------
European Stock Europe All sizes Moderate
(including Eastern Europe)
--------------------------------------------------------------
Japan Japan All sizes Higher
--------------------------------------------------------------
Latin America Latin America All sizes Highest
--------------------------------------------------------------
New Asia Far East and Pacific Basin All sizes Highest
(excluding Japan)
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</TABLE>
Each fund may sell securities for a variety of reasons, such as to secure
gains, limit losses, or redeploy assets into more promising opportunities.
While each fund invests primarily in common stocks, we may also purchase
other securities, including futures and options, in keeping with each fund's
objectives.
Further information about each 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 funds?
As with all stock funds, each 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 a fund may prove incorrect, resulting in losses or poor
performance even in rising markets.
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The risk profile of the funds varies with the investment style they pursue,
their geographic focus, and whether they invest in developed markets,
emerging markets, or both. Even investments in countries with highly
developed economies are subject to significant risks. For example, Japanese
stocks were in a steep decline for much of the 1990s.
Funds that invest overseas generally carry more risk than funds that invest
strictly in U.S. assets. Some particular risks affecting these funds 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 funds do 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. The
introduction of the new European common currency on January 1, 1999, may have
unanticipated adverse effects.
. Geographic risk (Japan and regional funds) Funds that are less diversified
across geographic regions, countries, industries, or individual companies are
generally riskier than more diversified funds. Thus, for example, investors
in the Japan Fund are fully exposed to that country's economic cycles, stock
market valuations, and currency exchange rates which could increase both its
risks and potential rewards compared with a more diversified fund. In
addition, investors in Japan should be aware of specific problems, including
tax laws that discourage consumer spending and dampen growth, deflation, a
banking system burdened with bad loans, and the government's unsatisfactory
progress on effecting credible solutions to these problems. And, there is
additional risk with the nondiversified Latin America Fund, because it can
invest more of its assets in a smaller number of companies and may invest
significantly in telephone companies. The economies and financial markets of
certain regions - such as Latin America and Asia -can be highly
interdependent and may decline all at the same time.
. Emerging market risk (Emerging Markets Stock, Latin America, New Asia; other
funds to a lesser degree, except Japan) 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
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measures. Certain countries have legacies of hyperinflation and currency
devaluations, particularly Russia and many Latin American nations, and more
recently many Asian countries. 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 governments 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.
. 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.
. 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.
. Small and medium-sized company risk (International Discovery; others to a
lesser degree) To the extent each fund invests in small- and
mid-capitalization stocks, it is likely to be more volatile than a fund that
invests only in large companies. Small and medium-sized companies are
generally riskier because they may have limited product lines, capital, and
managerial resources. Their securities may trade less frequently and with
greater price swings.
. Futures/options risk To the extent each fund uses futures and options, it
is exposed to additional volatility and potential losses.
As with any mutual fund, there can be no guarantee the funds will achieve
their objectives.
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FUND PROFILE
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. Each fund's share price may decline, so when you sell your shares, you may
lose money. An investment in each 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.
How can I tell which fund is most appropriate for me?
Consider your investment goals, your time horizon for achieving them, and
your tolerance for the inherent risk of common stock and international
investments. Your decision should take into account whether you have any
other foreign stock investments. If not, you may wish to invest in a widely
diversified fund to gain the broadest exposure to global opportunities. A
diversified emerging markets fund may be an appropriate part of your
portfolio if you are supplementing existing holdings primarily in developed
foreign markets. If you seek to supplement a diversified portfolio with a
concentrated investment, a regional or single-country fund may be an
appropriate part of your portfolio.
Each fund can be used in both regular and tax-deferred accounts, such as
IRAs.
. The fund or funds you select should not represent your complete investment
program or be used for short-term trading purposes.
How has each fund performed in the past?
The bar charts showing calendar year returns and the average annual total
return table indicate risk by illustrating how much returns can differ from
one year to the next and over time. Fund past performance is no guarantee of
future returns.
The funds can also experience short-term performance swings, as shown by the
best and worst calendar quarter returns during the years depicted in the
charts.
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FUND PROFILE
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<TABLE>
<CAPTION>
<S> <C>
LOGO LOGO
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
LOGO LOGO
</TABLE>
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FUND PROFILE
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<TABLE>
<CAPTION>
<S> <C>
LOGO LOGO
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
LOGO LOGO
</TABLE>
<TABLE>
<CAPTION>
Calendar Year Total Returns
Fund "90" "91" "92" "93" "94" "95" "96" "97" "98" "99"
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
International
Stock -8.89 15.87 -3.47 40.11 -0.76 11.39 15.99 2.70 16.14 34.60
International
Growth & Income -- -- -- -- -- -- -- -- -- 19.62
Global Stock -- -- -- -- -- -- 20.01 13.23 22.50 28.76
------------------------------------------------------------------------------------------------
International
Discovery -12.84 11.69 -9.08 49.85 -7.63 -4.36 13.87 -5.67 6.12 155.03
Emerging
Markets Stock -- -- -- -- -- -- 11.82 1.23 -28.75 87.44
European Stock -- 7.31 -5.56 27.24 4.06 21.86 25.87 17.01 25.82 19.70
Japan -- -- -13.40 20.61 15.09 -3.12 -10.99 -22.08 9.16 112.71
Latin America -- -- -- -- -15.92 -18.70 23.35 31.88 -35.43 59.38
New Asia -- 19.32 11.24 78.76 -19.15 3.75 13.51 -37.13 -11.11 99.88
------------------------------------------------------------------------------------------------
</TABLE>
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FUND PROFILE
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International Stock Fund Quarter ended Total return
Best quarter 12/31/99 24.70%
Worst quarter 9/30/90 -18.70%
International Growth & Income Fund Quarter ended Total return
Best quarter 12/31/99 11.81%
Worst quarter 3/31/99 1.18%
Global Stock Fund Quarter ended Total return
Best quarter 12/31/98 21.36
Worst quarter 9/30/98 -12.83%
International Discovery Fund Quarter ended Total return
Best quarter 12/31/99 57.19%
Worst quarter 9/30/90 -21.98%
Emerging Markets Stock Fund Quarter ended Total return
Best quarter 12/31/99 44.10%
Worst quarter 9/30/98 -25.20%
European Stock Fund Quarter ended Total return
Best quarter 12/31/99 20.48%
Worst quarter 9/30/90 -15.41%
Japan Fund Quarter ended Total return
Best quarter 12/31/98 25.17%
Worst quarter 12/31/97 -20.55%
Latin America Fund Quarter ended Total return
Best quarter 12/31/99 41.32%
Worst quarter 9/30/98 -29.13%
New Asia Fund Quarter ended Total return
Best quarter 12/31/99 42.04%
Worst quarter 12/31/97 -27.05%
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FUND PROFILE
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<TABLE>
Table 2 Average Annual Total Returns
<CAPTION>
Periods ended December 31, 1999
Shorter of 10 years
1 year 5 years or since inception Inception date
------------------------
<S> <C> <C> <C> <S>
International Stock
Fund 16.14% 8.87% 10.45% 5/09/80
MSCI EAFE Index 20.33 9.50 5.85
Lipper International
Funds Average 13.02 7.69 8.98
International Growth
& Income Fund % % % 12/21/98
MSCI EAFE Index
Global Stock Fund 22.50% --% 18.48% 12/29/95
MSCI World Index 24.80 16.19 18.25
Lipper Global Funds
Average 14.34 11.98 14.67
International
Discovery Fund 6.12% 0.14% 6.59% 12/30/88
MSCI EAFE Index 20.33 9.50 5.85
Emerging Markets
Stock Fund -28.75% --% -28.75% 3/31/95
MSCI Emerging Markets
Free Index -25.34 -- -7.14
Lipper Emerging
Markets Funds Average -26.83 -10.25 -5.00
European Stock Fund 25.82% 18.63% 12.95% 2/28/90
MSCI Europe Index 28.91 19.53 14.92
Lipper European Funds
Average 22.55 16.05 10.31
Japan Fund 9.16% -3.33% -1.78% 12/30/91
TSE First Section
Index 6.63 -5.66 -4.94
TSE Second Section
Index 13.69 -8.93 -8.54
Lipper Japan Funds
Average 8.17 -3.66 -2.97
Latin America Fund -35.43% -6.41% -6.31% 12/29/93
MSCI EMF Latin
America Index -35.11 -- -1.74
Lipper Latin America
Funds Average -38.21 -6.81 -6.81
New Asia Fund -11.11% -11.86% 3.06% 9/28/90
MSCI All Country Far
East Free
Ex-Japan -4.82 -11.95 7.71
Lipper Pacific
Ex-Japan Funds -9.05 -11.89 2.79
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 funds are 100% no load. The International Discovery, Latin America, and
Emerging Markets Stock Funds impose a 2% redemption fee, payable to the
funds, on shares purchased and held less than one year. There are no other
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.
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FUND PROFILE
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. A management fee The percent of fund assets paid to each fund's investment
manager. Each fund's fee comprises a group fee, 0.32% as of December 31,
1999. The individual fund fees are as follows: International Stock, Global
Stock, and International Growth & Income Funds, 0.35%; European Stock, Japan,
and New Asia Funds, 0.50%; International Discovery, Latin America, and
Emerging Markets Stock Funds, 0.75%.
. "Other" administrative expenses Primarily the servicing of shareholder
accounts, such as providing statements and reports, disbursing dividends, and
providing custodial services.
<TABLE>
Table 3 Fees and Expenses of the Funds
<CAPTION> Shareholder
fees (fees
paid directly
from your Annual fund operating expenses/a/
investment) (expenses that are deducted from fund assets)
Total annual Fee waiver/
Fund Redemption Management Other fund operating expense Net
fees fee expenses expenses reimbursement expenses -----
-----------------------------
<S> <C> <C> <C> <C> <C> <C> <S>
International Stock -- 0.67% 0.18% 0.85% -- 0.85%
------------------------------------------------------------------------------
International -- 0.67 0.59 1.26 0.01% 1.25
Growth & Income
-----------------------------------------------------------------------------------
Global Stock /b/ -- 0.67 1.00 1.67 0.47 1.20
------------------------------------------------------------------------------
International Discovery 2% 1.07 0.40 1.47 -- 1.47
------------------------------------------------------------------------------
Emerging Markets Stock /c/ 2% 1.07 0.69 1.76 0.01 1.75
------------------------------------------------------------------------------
European Stock -- 0.82 0.23 1.05 -- 1.05
------------------------------------------------------------------------------
Japan -- 0.82 0.50 1.32 -- 1.32
------------------------------------------------------------------------------
Latin America 2% 1.07 0.46 1.53 -- 1.53
------------------------------------------------------------------------------
New Asia -- 0.82 0.47 1.29 -- 1.29
----------------------------------------------------------------------------------------------------------------
</TABLE>
/a/Price-Fleming is contractually obligated to waive its fees and bear any
expenses to the extent such fees or expenses would cause the funds' ratios of
expenses to average net assets to exceed the indicated percentage
limitations. Fees waived or expenses paid or assumed are subject to
reimbursement to Price-Fleming by each fund through the indicated
reimbursement date, but no reimbursement will be made if it would result in a
fund's expense ratio exceeding its specified limit. A summary of the funds'
expense limitations and the periods for which they are effective is set forth
below:
<TABLE>
<CAPTION>
<S> <S> <C> <S> <S>
Fund Limitation Period Expense Ratio Limitation Reimbursement Date
International 12/1/98-10/31/00 1.25% 10/31/02
Growth & Income
-----------------------------------------------------------------
Global Stock 11/1/99-10/31/01 1.20% 10/31/03
-----------------------------------------------------------------
Emerging Markets
Stock 11/1/99-10/31/01 1.75% 10/31/03
</TABLE>
/b/The Global Stock Fund previously operated under a 1.20% limitation that
expired October 31, 1999. The reimbursement period for this limitation
extends through October 31, 2001.
/c/The Emerging Markets Stock Fund operated under a 1.75% expense ratio
limitation that expired on October 31, 1998. Effective November 1, 1998,
Price-Fleming agreed to extend the expense limitation for a period of one
year through October 31, 1999. Fees waived or expenses assumed under these
agreements are subject
<PAGE>
FUND PROFILE
- ---------------------------------------------------------
to reimbursement to Price-Fleming by the fund whenever the fund's expense
ratio is below 1.75%. However, no reimbursement will be made after October
31, 2000 (for the first agreement); or after October 31, 2001 (for the second
agreement); or if it would result in the expense ratio exceeding 1.75%.
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
these funds 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, the expense limitations currently in place are not renewed
(if applicable), you invest $10,000, you earn a 5% annual return, and you
hold the investment for the following periods:
<TABLE>
<CAPTION>
Fund 1 year 3 years 5 years 10 years
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <S>
International Stock $NEED $NEED $NEED $NEED
------------------------------------
International Growth & Income NEED NEED NEED NEED
-----------------------------------------
Global Stock NEED NEED NEED NEED
------------------------------------
International Discovery NEED NEED NEED NEED
------------------------------------
Emerging Markets Stock NEED NEED NEED NEED
------------------------------------
European Stock NEED NEED NEED NEED
------------------------------------
Japan NEED NEED NEED NEED
------------------------------------
Latin America NEED NEED NEED NEED
------------------------------------
New Asia NEED NEED NEED NEED
-------------------------------------------------------------------------
</TABLE>
Who manages the funds?
Each 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.
Each fund has an Investment Advisory Group that has day-to-day responsibility
for managing the portfolio and developing and executing each fund's
investment program. The members of each advisory group are listed below.
International Stock Fund Martin G. Wade, John R. Ford, James B.M. Seddon,
Mark C.J. Bickford-Smith, and David J.L. Warren.
International Growth & Income Fund Martin G. Wade, Richard T. Whitney, John
R. Ford, James B.M. Seddon, and Robert W. Smith.
Global Stock Fund Martin G. Wade, John R. Ford, James B.M. Seddon, Mark C.J.
Bickford-Smith, Robert W. Smith, and David J.L. Warren.
International Discovery Fund Martin G. Wade, Frances Dydasco, Mark J.T.
Edwards, Ian J. Macdonald, and Justin Thomson.
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FUND PROFILE
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Emerging Markets Stock Fund Martin G. Wade, Christopher D. Alderson, Frances
Dydasco, Mark J.T. Edwards, and Benedict R.F. Thomas.
European Stock Fund Martin G. Wade, Robert A. Revel-Chion, and James B.M.
Seddon.
Japan Fund Martin G. Wade, Ian J. Macdonald, and David J.L. Warren.
Latin America Fund Martin G. Wade and Benedict R.F. Thomas.
New Asia Fund Martin G. Wade, Frances Dydasco, and Mark J.T. Edwards.
Martin Wade joined Price-Fleming in 1979 and has 31 years of experience with
the Fleming Group in research, client service, and investment management.
(Fleming Group includes Robert Fleming and/or Jardine Fleming.) Christopher
Alderson joined Price-Fleming in 1988 and has 14 years of experience with the
Fleming Group in research and portfolio management. Mark Bickford-Smith
joined Price-Fleming in 1995 and has 15 years of experience with the Fleming
Group in research and financial analysis. Mark Edwards joined Price-Fleming
in 1987 and has 18 years of experience in financial analysis. John Ford
joined Price-Fleming in 1982 and has 20 years of experience with the Fleming
Group in research and portfolio management. James Seddon joined Price-Fleming
in 1987 and has 13 years of experience in portfolio management. Robert Smith
joined Price-Fleming in 1996, has been with T. Rowe Price since 1992, and has
13 years of experience in financial analysis. Benedict Thomas joined
Price-Fleming in 1988 and has 11 years of portfolio management experience.
David Warren joined Price-Fleming in 1983 and has 19 years of experience in
equity research, fixed income research and portfolio management. Frances
Dydasco joined Price-Fleming in 1996 and has 11 years of experience in
research and financial analysis. Ian Macdonald joined Price-Fleming in 1998
and has 15 years of experience in equity research and portfolio management.
Robert Revel-Chion joined Price-Fleming in 1998 and has 11 years of
experience in investment management (four years of which were within the
Fleming Group). Justin Thomson joined Price-Fleming in 1998 and has eight
years experience in portfolio management. Richard Whitney joined
Price-Fleming in 1998, has been with T. Rowe Price since 1985, and has 17
years of experience in equity research and portfolio management.
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.
<PAGE>
FUND PROFILE
- ---------------------------------------------------------
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?
Each fund distributes income annually 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.
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>
FUND PROFILE
- ---------------------------------------------------------
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
www.troweprice.com
(LOGO)
C01-040 3/1/00
T. Rowe Price Investment Services, Inc., Distributor
<PAGE>
FUND PROFILE
- ---------------------------------------------------------
NEW ACCOUNT FORM (LOGO)
You may purchase shares of a T. Rowe Price fund after
reviewing the information in the profile or after requesting
and reviewing the fund's prospectus (and other information).
Please note: an IRA will not be established using this form.
If you want to open an IRA, call 1-800-638-5660 to request
an IRA New Account Form.
Mail this form to: T. Rowe Price
P.O. Box 17300, Baltimore, MD 21298-9353
For help with this form, call toll free 1-800-638-5660.
Please do not remove the mailing label from this form.
1 PROVIDE YOUR TAX IDENTIFICATION NUMBER
Owner's or Minor's Social Security or Tax ID Number
(Use Minor's Social Security Number for Custodial Account)
_ _ _ _ _ _ _ _ _
Joint Owner's or Custodian's Social Security or Tax ID Number
_ _ _ _ _ _ _ _ _
2 DESIGNATE TYPE OF ACCOUNT AND OWNER NAME(S)
Please print in CAPITAL LETTERS. Choose one:
__ Individual or Joint Account.*
*Joint tenancy with right of survivorship unless you instruct otherwise.
Owner's Name (First, Middle Initial, Last)
________________________________
Title: Mr. Ms. Mrs. Dr.
Joint Owner's Name (First, Middle Initial, Last)
________________________________
Title: Mr. Ms. Mrs. Dr.
__ Custodial Account.
Uniform Gift or Transfer to Minors Act (UGMA or UTMA)
Custodian's Name (First, Middle Initial, Last)
________________________________
Minor's Name (First, Middle Initial, Last)
________________________________
State of Residence (Minor's or Custodian's)
________________________________
__ Trust, Corporation, Business, or Other Entity Account.*
*Please attach the first and last pages of the trust agreement or a copy
of
the corporate resolution.
Name of Trust, Corporation, or Other Entity
_________________________________________________________
Trustee Names or Type of Entity
________________________________________________________
Name of Trust Beneficiary (Optional) Date of Trust Agreement
________________ __-__-__
month day year
<PAGE>
FUND PROFILE
- ---------------------------------------------------------
__ Check this box if your organization is incorporated or tax-exempt under
Section 501(a) of the Internal Revenue Code, a qualified retirement plan
under Section 401(a), or a custodial account under Section 403(b)(7),
and
you DO NOT want us to file information returns on your behalf.
3 PROVIDE YOUR ADDRESS
Street Address or P.O. Box
__________________________________________________
__________________________________________________
City State
____________________ __
ZIP Code
_ _ _ _ _ - _ _ _ _
4 PROVIDE OTHER ACCOUNT DATA
Daytime Phone Ext.
_ _ _ _ _ _ - _ _ _ _ _ _ _ _
Evening Phone Ext.
_ _ _ _ _ _ - _ _ _ _ _ _ _ _
Date of Birth (Owner/Minor)
Date of Birth (Joint Owner/Custodian)
_ _ - _ _ - _ _ _ _ - _ _ - _ _
month day year month day year
__ U.S. Citizen __ Resident Alien
__ Nonresident Alien. My permanent foreign address for tax purposes is:
_____________________________________
_____________________________________
Owner's Occupation / Employer Name (Optional)
_____________________________________
Employer Address (Optional)
__________________________________________________________________________
5 SELECT YOUR FUND(S)
Please print the fund name(s) exactly as listed inside the Investment Kit you
received with this form. Fill in the amount of your investment for each fund.
The minimum initial investment is $2,500 per fund ($1,000 for UGMAs/UTMAs)
but is waived if you use Automatic Asset Builder (see Sections 6 and 7E).
Fund Name Amount
__________________________________ $________
Fund Name Amount
__________________________________ $________
Fund Name Amount
__________________________________ $________
Fund Name Amount
__________________________________ $________
Total Investment$________
<PAGE>
FUND PROFILE
- ---------------------------------------------------------
6 CHOOSE YOUR INVESTMENT METHOD
A. __ By check.
Make payable to T. Rowe Price Funds. (Otherwise it may be returned.)
B. __ By Automatic Asset Builder.
See Section 7E for instructions.
C. __ By wire.
Please call 1-800-225-5132 for the following information and wiring
instructions:
Account Number
_ _ _ _ _ _ _ _ _ _ - _
Date of Wire
_ _ - _ _ - _ _
month day year
(over, please)
7 SELECT YOUR ACCOUNT SERVICE OPTIONS
A. TO RECEIVE YOUR DISTRIBUTIONS
Your dividends and capital gains will be reinvested unless you indicate
------
otherwise.
__ Pay dividends and capital gains to me by check.
__ Transfer dividends and capital gains to my bank account.
(Please complete Section 7C if you elect this option.)
__ Pay dividends to me by check and reinvest capital gains.
B. TO EXCHANGE AND REDEEM FUND SHARES
You can use the telephone or your personal computer to check your account
balance, redeem shares, or make exchanges among any identically registered
accounts unless you check the boxes below.
------
__ I do NOT want telephone/computer exchange.
__ I do NOT want telephone/computer redemption.
C. TO MAKE TRANSFERS BETWEEN YOUR BANK AND T. ROWE PRICE
This service makes purchasing or redeeming fund shares even more convenient.
Simply call a T. Rowe Price representative or Tele*Access (R) and your
transaction
will be processed by electronically moving money between your bank
account and your mutual fund accounts.
Transfers occur only when you initiate them ($100 minimum) and are made
through the Automated Clearing House (ACH) network or by wire.* This service
becomes available approximately 20 days after your application is
processed. Since you initiate transfers by phone or computer, be sure that
you did not decline the phone/computer redemption service above.
__ Check this box to set up this service. YOU MUST ALSO ATTACH A BLANK,
VOIDED CHECK (other than your investment check) from your bank
account to this form.
<PAGE>
FUND PROFILE
- ---------------------------------------------------------
Any co-owner of your bank account who is not a co-owner of
---
your mutual fund account must sign below.
X___________________________________________
Bank Account Co-owner's Signature
*There is a $5 fee for wire redemptions under $5,000 but no fee for ACH
transactions.
ATTACH VOIDED CHECK HERE
D. TO SET UP CHECKWRITING
You can write checks for $500 or more on all T. Rowe Price money market and
bond fund accounts (except the High Yield and Emerging Markets Bond funds).
Those authorized to write checks should read the checking agreement and sign
below.
By signing this form, I agree to all of State Street Bank's checking account
rules, and to any conditions and limitations on redeeming checks from the
T. Rowe Price Funds. I also agree that:
(1) This form applies to any other identically registered T. Rowe Price
fund checking account I establish later;
(2) If I am subject to IRS backup withholding, I may write checks only on
money fund accounts;
(3) State Street Bank and the Fund reserve the right to change, revoke, or
close any checking account;
(4) The signatures are authentic, and, for organizations, I have submitted
an original or certified resolution authorizing the individuals with legal
capacity to sign and act on behalf of the organization.
(Do not detach this section from the rest of the form.)
_____________________________________________________
Fund Name Fund Name
_____________________________________________________
Print Name of Owner, Custodian, or Trustee
X___________________________________________________
Signature Date
_____________________________________________________
Print Name of Joint Owner, Co-trustee, Corporate Officer, etc.
X___________________________________________________
Signature Date
How many signatures do you require on checks?
__ Only one owner __ All owners
G00-008 6/30/98
E. TO SET UP AUTOMATIC ASSET BUILDER
This service allows you to automatically invest in your fund account through
your
bank account and/or payroll deduction each month (minimum $50 per fund).
<PAGE>
FUND PROFILE
- ---------------------------------------------------------
___ Check this box to invest from your bank account.
Be sure to complete Section 7C and fill in the information below.
Fund Name
__________________________________________________________________________
Amount Day of Month You Would Like to Invest
__________________________________ ____
Fund Name
__________________________________________________________________________
Amount Day of Month You Would Like to Invest
_____________________ ___
Fund Name
__________________________________________________________________________
Amount Day of Month You Would Like to Invest
_____________________ ___
Fund Name
__________________________________________________________________________
Amount Day of Month You Would Like to Invest
_____________________ ___
____ Check this box to invest through payroll deduction.
T. Rowe Price will mail you instructions for this service.
8 SIGN YOUR NEW ACCOUNT FORM
By signing this form, I certify that:
- - I agree to be bound by the terms of the prospectus for each fund in which
I am investing. If I am purchasing shares after reviewing a fund profile, I
understand that I will receive the prospectus after I purchase shares in the
fund. I have the authority and legal capacity to purchase mutual fund shares,
am of legal age in my state, and believe each investment is suitable for me.
- - I authorize T. Rowe Price, the Funds, their affiliates and agents to act on
any
instructions believed to be genuine for any service authorized on this form,
including telephone/computer services. The Funds use reasonable procedures
(including shareholder identity verification) to confirm that instructions
given by telephone/computer are genuine, and the Funds are not liable for
acting on these instructions. (If these procedures are not followed, it is the
opinion of certain regulatory agencies that the Funds may be liable for any
loss that may result from acting on instructions given.) I understand that
anyone who can properly identify my account(s) can make phone/computer
transactions on my behalf.
- - The Funds can redeem shares from my account(s) to reimburse a fund for
any loss due to nonpayment or other indebtedness.
- - By selecting the electronic transfer service in Section 7C, I hereby authorize
T. Rowe Price to initiate credit and debit entries to my (our) account at the
Financial Institution indicated and for the Financial Institution to credit or
debit the same to such account through the Automated Clearing House
<PAGE>
FUND PROFILE
- ---------------------------------------------------------
(ACH) system, subject to the rules of the Financial Institution, ACH, and the
Fund. T. Rowe Price may correct any transaction error with a debit or credit
to my Financial Institution account and/or Fund account. THIS AUTHORIZATION,
including any credit or debit entries initiated thereunder, is in full
force and effect until I notify T. Rowe Price of its revocation by telephone
or in writing and T. Rowe Price has had sufficient time to act on it.
- - Under penalties of perjury, the tax identification number(s) shown on
this form is correct. If I fail to give the correct number or fail to sign this
form, T. Rowe Price may reject, restrict, or redeem my investment. I may
also be subject to IRS backup withholding (currently 31%) on all
distributions and redemptions, and I may be subject to a $50 IRS penalty.
- - Under penalties of perjury, I am NOT subject to IRS backup withholding
because 1) I have not been notified, or 2) notification has been revoked
(cross out "NOT" if you are currently subject to withholding), or 3) I have
indicated in Section 4 that I am a nonresident alien and certify that for
dividends I am not a U.S. citizen or resident (or I am filing for a foreign
corporation, partnership, estate, or trust).
- - For clarification on any of these certification issues, please contact us for
assistance.
- - The IRS does not require your consent to any provision of this document
other than the certifications required to avoid backup withholding.
PLEASE SIGN HERE
X__________________________________________________
Signature of Owner, Custodian, or Trustee Date
X__________________________________________________
Signature of Joint Owner, Co-trustee, Corporate Officer, etc. Date
Thank you for your investment. You will receive a confirmation shortly.
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