Release Details

BALTIMORE, Dec. 12, 2019 /PRNewswire/ -- T. Rowe Price (NASDAQ-GS: TROW) today launched the T. Rowe Price China Evolution Equity Fund. The fund will seek long-term growth of capital through investments in Chinese companies. T. Rowe Price has a decades-long history of investing in China through global strategies, including those focused on emerging markets and Asia. However, this launch marks T. Rowe Price's first mutual fund focused solely on Chinese equities.

T. ROWE PRICE CHINA EVOLUTION EQUITY FUND

• The fund mainly invests in companies in the bottom 50% of China's combined market cap (of which 98%+ are listed companies), rather than in the top 50 index heavyweights.
• The China Evolution Equity Fund will be managed by Wenli Zheng, who has 11 years of investment experience at T. Rowe Price, including portfolio management responsibilities for the Asia ex-Japan sleeve of the T. Rowe Price International Discovery Fund since December 31, 2014.
• The fund's primary benchmark will be the MSCI China All Shares Index Net.
• The net expense ratio is 1.40% for the Investor Class shares (Ticker: TCELX). This net expense ratio includes an agreement that limits the class's total expenses from exceeding 1.40%, which will remain in effect through February 28, 2022.
• The net expense ratio is 1.04% for the I Class shares (Ticker: TRCLX). This net expense ratio includes an agreement that limits the class's operating expenses to 0.05%, which will remain in effect through February 28, 2022.
• The fund's minimum initial investment amounts are $2,500 for Investor Class shares and $1,000,000 for I Class shares.
• The fund extends T. Rowe Price's lineup of regional equity strategies, including the T. Rowe Price Africa & Middle East Fund; the T. Rowe Price Asia Opportunities Fund; the T. Rowe Price Emerging Europe Fund; the T. Rowe Price European Stock Fund; the T. Rowe Price International Discovery Fund; the T. Rowe Price Japan Fund; the T. Rowe Price Latin America Fund; and the T. Rowe Price New Asia Fund.

QUOTE
Wenli Zheng, Portfolio Manager, China Evolution Equity Fund:

"China is undergoing unprecedented changes, including an evolving economic model, industrial upgrades, and a shifting geopolitical outlook. These changes have created an investment landscape with ample mispricing opportunities. The China Evolution Equity Fund looks to exploit these opportunities through a style-agnostic approach unconstrained by an index."

Download a prospectus or obtain one by calling 1-800-541-8803. The prospectus includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

All investments are subject to market risk, including the possible loss of principal. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. These risks are generally greater for investments in emerging markets. Because of its focus on a limited geographical area, the fund involves higher risk than a more geographically diverse fund. The fund is "nondiversified," meaning it may invest a greater portion of its assets in a single company and own more of the company's voting securities than is permissible for a "diversified" fund. The fund's share price can be expected to fluctuate more than that of a comparable diversified fund.

T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price mutual funds.

IMPORTANT INFORMATION
For designated members of the press only.

T. Rowe Price Investment Services, Inc.

This material is being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, and prospective investors are recommended to seek independent legal, financial, and tax advice before making any investment decision. T. Rowe Price group of companies, including T. Rowe Price Associates, Inc., and/or its affiliates, receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates.

T. ROWE PRICE, INVEST WITH CONFIDENCE, and the bighorn sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc. © 2019 T. Rowe Price. All rights reserved.

ABOUT T. ROWE PRICE
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), is a global investment management organization with $1.18 trillion in assets under management as of November 30, 2019.¹ The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com, Twitter, YouTube, LinkedIn, or Facebook.

¹The combined assets under management of T. Rowe Price Associates, Inc., and its investment advisory affiliates.

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SOURCE T. Rowe Price Group, Inc.

T. ROWE PRICE, PUBLIC RELATIONS, Bill Benintende, 410-345-3482, bill.benintende@troweprice.com, Lara Naylor, 410-577-8077, lara.naylor@troweprice.com, Bill Weeks, 410-345-4713, bill.weeks@troweprice.com,