BlackRock Frontiers Investment Trust Plc – Results of the Tender Offer

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO,  AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF
SOUTH AFRICA, ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION WHERE TO DO
SO MAY RESULT IN THE CONTRAVENTION OF ANY REGISTRATION OR OTHER LEGAL
REQUIREMENT OF SUCH JURISDICTION. THE INFORMATION CONTAINED HEREIN DOES NOT
CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION. THIS
ANNOUNCEMENT DOES NOT CONSTITUTE AN INVITATION TO PARTICIPATE IN THE TENDER
OFFER (AS DEFINED HEREIN) IN OR FROM ANY JURISDICTION IN OR FROM WHICH, OR TO OR
FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER UNDER
APPLICABLE SECURITIES LAWS OR OTHERWISE.

23 February 2026

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

Results of the Tender Offer

Capitalised terms used in this Announcement, unless otherwise defined, have the
same meanings as set out in the Circular (as defined below).

The Board of BlackRock Frontiers Investment Trust plc (the “Company”) announces
the results of the Tender Offer that was set out in a circular to Shareholders
published by the Company on 10 December 2025 (the “Circular”). The Tender Offer
closed at 1.00 p.m. on 19 February 2026 and implementation of the Tender Offer
was approved by Shareholders at a general meeting of the Company held earlier
today.

A total of 25,878,728 Ordinary Shares, representing 13.7 per cent. of the
Ordinary Shares in issue as at 19 February 2026 (excluding Ordinary Shares held
in treasury), were validly tendered under the Tender Offer (the “Tender
Shares”).

Winterflood, as the Company’s broker, will now seek to sell some or all of the
Tender Shares to Incoming Investors at the Investment Price, in accordance with
the terms set out in the Circular. The Investment Price will be a price equal to
the Net Asset Value per Ordinary Share as at the Calculation Date. Incoming
Investors will be responsible for paying any incidental costs, including stamp
duty or stamp duty reserve tax and commission payable to Winterflood, arising in
connection with the sale of On-Sale Shares.

In accordance with the terms of the Tender Offer, the Company’s assets and
liabilities will, following valuation on the Calculation Date (being close of
business today, 23 February 2026), be allocated between the Continuing Pool and
the Tender Pool on the basis set out in the Circular. To the extent that
Winterflood sells any Tender Shares to Incoming Investors the aggregate
Investment Price for such number of Ordinary Shares as Incoming Investors agree
to acquire will be allocated to the Tender Pool.

Following the allocation of assets and liabilities to the Continuing Pool and
the Tender Pool, the assets of the Tender Pool (other than cash) will be fully
realised. The Tender Pool will bear all costs associated with the realisation of
such assets, as well as any incidental expenses of the repurchase of Ordinary
Shares not sold by Winterflood to Incoming Investors, including Winterflood’s
commission and the stamp duty or stamp duty reserve tax payable by the Company.
The Tender Pool will bear its share of the operating costs of the Company on a
pro rata basis, save that no management fee will be levied in respect of the
management of the assets of the Tender Pool which are held in cash. All changes
in value of the assets allocated to the Tender Pool will be attributable solely
to the Tender Pool. The Company intends to prepare and publish NAV announcements
for the Continuing Pool only.

The Final Tender Offer Asset Value will equal the unaudited Net Asset Value of
the assets in the Tender Pool on the Tender Pool Determination Date less any
incidental costs, including Winterflood’s commission and the stamp duty or stamp
duty reserve tax, arising on the repurchase of Ordinary Shares by the Company
from Winterflood pursuant to the Tender Offer. The Tender Pool Determination
Date will be the date specified by the Directors being as soon as practicable
following the date on which all assets in the Tender Pool (other than contingent
assets, if any) have been fully realised and settled and liabilities have been
met or in the case of any incidental costs, including Winterflood’s commission
and the stamp duty or stamp duty reserve tax arising on the repurchase of
Ordinary Shares by the Company from Winterflood pursuant to the Tender Offer,
have been accounted for.

The Tender Price will be an amount equal to the Final Tender Offer Asset Value
divided by the total number of Tender Shares (rounded down to two decimal
places), in each case on the Tender Pool Determination Date.

Shareholders should note that the Final Tender Offer Asset Value may be impacted
positively or negatively as the assets in the Tender Pool are realised and will
be particularly exposed to any changes in asset values, the costs associated
with realising the assets and foreign exchange movements as assets denominated
in foreign currencies are realised and the proceeds converted into Sterling in
order to pay the Tender Price which is payable in Sterling. A further
announcement of the Tender Price will be made in due course.

A reminder of the expected timetable for the Tender Offer is set out below.

Calculation Date                           close of business
on 23 February 2026

Trade date for the sale of On-Sale Shares 24 February 2026

Establishment of Tender Pool and 24 February 2026
Continuing Pool

Realisation of the Tender Pool 24 February 2026
commences

Tender Price announced; cheques or As soon as
electronic payments (if there is an practicable after
electronic payment mandate on file) commencement of the
despatched to certificated Shareholders realisation of the
and payments through CREST made to Tender Pool
uncertificated Shareholders

All references are to London time unless otherwise stated. Any changes will be
notified via an RIS.

LEI: 5493003K5E043LHLO706

ISIN: GB00B3SXM832

Enquiries: 020 7743 3000

BlackRock Investment Management (UK) Limited

Sarah Beynsberger

Lucy Dina

Winterflood Securities Limited
Neil Morgan 020 3100 0292
Sophia Bechev

Disclaimer

This announcement contains forward-looking statements. These forward-looking
statements include all matters that are not historical facts. These forward
-looking statements are made based upon the Company’s expectations and beliefs
concerning future events impacting the Company and therefore involve a number of
risks and uncertainties. Forward-looking statements are not guarantees of future
performance, and the Company’s actual results of operations, financial condition
and liquidity may differ materially and adversely from the forward-looking
statements contained in this announcement. Forward-looking statements speak only
as of the day they are made and the Company does not undertake to update its
forward-looking statements unless required by law.

The distribution of this announcement in certain jurisdictions may be restricted
by law. It is the responsibility of all Overseas Shareholders to satisfy
themselves as to the observance of any legal requirements in their jurisdiction,
including, without limitation, any relevant requirements in relation to the
ability of such holders to participate in the Tender Offer.

The Tender Offer is not available to Shareholders with registered or mailing
addresses in a Restricted Territory, or who are citizens or nationals of, or
resident in, a Restricted Territory.

Certain Overseas Shareholders are being excluded from the Tender Offer in order
to avoid breaching applicable local laws relating to the implementation of the
Tender Offer.  It is the responsibility of all Overseas Shareholders to satisfy
themselves as to the observance of any legal requirements in their jurisdiction,
including, without limitation, any relevant requirements in relation to the
ability of such holders to participate in the Tender Offer.

Winterflood Securities Limited (“Winterflood”), which is authorised and
regulated by the Financial Conduct Authority in the United Kingdom, is acting
exclusively for the Company and no-one else in connection with the Proposals and
will not be responsible to anyone other than the Company for providing the
protections afforded to customers of Winterflood or for providing advice in
relation to the Tender Offer or any matter referred to in the Circular or
herein.  Nothing hereinshall serve to exclude or limit any responsibilities
which Winterflood may have under the FSMA or the regulatory regime established
thereunder.

Any decision to participate in the Tender Offer should only be made on the basis
of an independent review by an Eligible Shareholder of the Company’s publicly
available information. Neither Winterflood nor any of its affiliates accept any
liability arising from the use of, or make any representation as to the accuracy
or completeness of, this announcement or the Company’s publicly available
information.

Notice for U.S. Shareholders

The Tender Offer relates to securities in a non-U.S. company registered in
England and Wales and listed on the London Stock Exchange and is subject to the
disclosure requirements, rules and practices applicable to companies listed in
the United Kingdom, which differ from those of the United States in certain
material respects. A circular has been prepared in accordance with UK style and
practice for the purpose of complying with the laws of England and Wales and the
rules of the FCA and of the London Stock Exchange, and U.S. Shareholders should
read the entire circular. The Tender Offer is not subject to the disclosure and
other procedural requirements of Regulation 14D under the U.S. Exchange Act. The
Tender Offer will be made in the United States pursuant to Section 14(e) of, and
Regulation 14E under, the U.S. Exchange Act, subject to the exemptions provided
by Rule 14d-1 thereunder and otherwise in accordance with the requirements of
the rules of the FCA and the London Stock Exchange. Accordingly, the Tender
Offer will be subject to disclosure and other procedural requirements that are
different from those applicable under U.S. domestic tender offer procedures and
law. The Company is not listed on a U.S. securities exchange, is not subject to
the periodic reporting requirements of the U.S. Exchange Act and is not required
to, and does not, file any reports with the SEC thereunder.

It may be difficult for U.S. Shareholders to enforce certain rights and claims
arising in connection with the Tender Offer under U.S. federal securities laws
since the Company is located outside the United States and its officers and
directors reside outside the United States. It may not be possible to sue a non
-U.S. company or its officers or directors in a non-U.S. court for violations of
U.S. securities laws. It also may not be possible to compel a non-U.S. company
or its affiliates to subject themselves to a U.S. court’s judgment.

To the extent permitted by applicable law and in accordance with normal UK
practice, the Company, Winterflood or any of their affiliates, may make certain
purchases of, or arrangements to purchase, Ordinary Shares outside the United
States during the period in which the Tender Offer remains open for acceptance,
including purchases of Ordinary Shares effected by Winterflood acting as market
maker in the Ordinary Shares.

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