Mr. Muaddi has been chairman of the committee since 2015. Mr. Muaddi joined T. Rowe Price in 2006 and his investment experience dates from that time. Throughout the past five years, he has served as a credit analyst and portfolio manager (beginning in 2015). The Statement of Additional Information provides additional information about the portfolio manager’s compensation, other accounts managed by the portfolio manager, and the portfolio manager’s ownership of the fund’s shares.

Richard Hall is an associate portfolio manager of the Emerging Markets Bond Strategy in the Fixed Income Division. He is a vice president of the Global and International Funds and the Multi-Sector Account Portfolios. Richard is a member of the Investment Advisory Committees for the Emerging Markets Corporate and Local Multi-Sector Account Portfolios; the Emerging Markets Bond, Corporate Bond, and Local Currency Bond Funds; and the Institutional Emerging Markets Bond and Dynamic Credit Funds. Richard also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.