C Share Conversion Results

15 January 2019

BlackRock Frontiers Investment Trust plc

C Share Conversion Results

LEI: 5493003K5E043LHLO706

Further to the announcement on 24 December 2018 that over 85 per cent. of the Net Proceeds of the recent issue of C Shares have been invested, the Board of BlackRock Frontiers Investment Trust plc (the "Company") is pleased to announce the following information in relation to the C Share conversion.

The Conversion Ratio, calculated in accordance with the Company's Articles, as summarised in the Company's prospectus dated 19 October 2018 (the "Prospectus"), is 0.7547 Ordinary Shares for each C Share held on the record date of 11 January 2019. The NAVs per share of the Ordinary Shares and the C Shares used to determine the Conversion Ratio were 131.72 pence and 99.41 pence respectively.  Entitlements will be rounded down to the nearest whole Ordinary Share.

On the basis of the Conversion Ratio, a holder of 1,000 C Shares would receive 754 new Ordinary Shares upon Conversion.

On the basis of the Conversion Ratio applications have been made for 33,906,693 Ordinary Shares to be admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities ("Admission").  Admission is expected to occur at 8.00 a.m. on 21 January 2019.

The Ordinary Shares arising on Conversion will rank pari passu with, and will have the same rights as, the Ordinary Shares of the Company already in issue, including the right to receive dividends declared subsequent to Admission. For the avoidance of doubt holders of C Shares will not be entitled to the final 2018 dividend in respect of the year ended 30 September 2018, which is payable to Ordinary Shareholders on the register on the record date of 4 January 2019.

With effect from 21 January 2019, the total number of Ordinary Shares in issue will be 239,822,801 and the total number of voting rights in the Company will be 239,822,801. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. As at the date of this announcement, no shares are held in Treasury.

Unless otherwise defined, capitalised terms in this announcement shall have the meaning given to them in the Prospectus.

Enquiries

BlackRock Investment Management (UK) Limited            
Simon White/Kevin Mayger                                        020 7743 3000

Winterflood Investment Trusts (Corporate Broker)
Neil Morgan                                                                       020 3100 0000