BlackRock Frontiers Investment Trust (BRFI) Announces 164,966,520 Voting Shares as of 16 July 2026

BlackRock Frontiers Investment Trust Confirms 164,966,520 Voting Shares Under FCA DTR 5.6.1

On 16 July 2026, BlackRock Frontiers Investment Trust plc issued a formal notification of voting rights and share capital pursuant to Article 15 of the Transparency Directive and FCA Disclosure Guidance and Transparency Rules provision 5.6.1. The Company confirmed its issued share capital at that date consisted of 164,966,520 ordinary shares, each with one vote. This regulatory disclosure is a routine yet essential requirement for listed investment companies, ensuring the market receives accurate, up-to-date information about the total voting rights attached to the Company’s share capital.

The announcement was submitted by Lucy Dina on behalf of BlackRock Investment Management (UK) Limited, acting as Company Secretary. The Company’s Legal Entity Identifier (LEI) is 5493003K5E043LHLO706, providing a standardized global reference for regulatory compliance. Shareholders, fund managers, and market participants are advised to review their holdings in light of this confirmed denominator to determine if disclosure obligations under FCA transparency rules apply.

Treasury Shares of 76,856,281 Lower the Effective Voting Pool for BRFI Shareholders

A significant aspect of BlackRock Frontiers Investment Trust’s capital structure is the large number of shares held in treasury. As of 16 July 2026, the Company holds 76,856,281 ordinary shares in treasury. While these shares form part of the total issued capital, they carry no voting rights and are excluded from the denominator used for shareholder notification calculations under FCA DTR 5. Treasury shares are commonly held by investment trusts as part of share buyback programs to manage discounts to net asset value (NAV) and to provide liquidity for shareholders wishing to sell on the secondary market.

The substantial treasury shareholding represents a significant portion of the capital base and reflects ongoing capital management activities. The distinction between total issued capital, which includes treasury shares, and voting share capital of 164,966,520 is critical for regulatory purposes. Shareholders must use the confirmed denominator of 164,966,520 when calculating their percentage interest for major shareholding notifications. Using an incorrect denominator could lead to under- or over-reporting, potentially causing regulatory compliance issues for institutional investors.

Application of FCA DTR 5.6.1 to BlackRock Frontiers Investment Trust

The disclosure made on 16 July 2026 complies with FCA Disclosure Guidance and Transparency Rules provision 5.6.1, which enacts Article 15 of the EU Transparency Directive as adapted into UK law post-Brexit. Under this rule, issuers with shares traded on regulated markets must disclose, at the end of any calendar month with changes, the total voting rights and share capital. This monthly disclosure is separate from ad hoc notifications triggered by significant share capital or treasury share changes.

This rule aims to enhance market transparency and provide shareholders with the data necessary to determine if their holdings cross FCA notification thresholds, which start at 3% voting rights and apply at each whole percentage point thereafter. By publishing the denominator of 164,966,520, BlackRock Frontiers Investment Trust fulfills its obligation to offer shareholders a clear, authoritative basis for these calculations. Such disclosures are integral to the corporate governance and transparency framework governing UK-listed investment trusts.

BlackRock Frontiers Investment Trust’s Focus on Frontier and Emerging Markets

BlackRock Frontiers Investment Trust plc is a closed-ended investment company aiming to provide investors with exposure to frontier and smaller emerging markets worldwide. Managed by BlackRock Investment Management (UK) Limited—one of the world’s largest asset managers—and listed on the London Stock Exchange, the trust’s objective is long-term capital growth through investments primarily in companies listed or operating in frontier market economies. These markets are typically at earlier stages of economic and financial development compared to mainstream emerging markets like China, India, or Brazil.

The trust targets frontier markets across Sub-Saharan Africa, the Middle East, Central and Eastern Europe, South and South-East Asia, and Latin America. These markets often exhibit faster economic growth, younger populations, and rising consumer demand but also face higher political risk, currency volatility, liquidity constraints, and governance challenges versus developed or larger emerging markets. The trust’s revenue is mainly derived from capital appreciation and dividend income from its portfolio holdings, distributed to shareholders per its distribution policy. Investors thus face a distinctive and specialist risk profile compared to mainstream equity funds.

Importance of the 164,966,520 Denominator for Institutional Investors Monitoring BRFI Holdings

For institutional investors, fund managers, and other significant shareholders in BlackRock Frontiers Investment Trust, the publication of the 164,966,520 denominator is crucial. Under FCA DTR 5, any person acquiring or disposing of shares such that their voting rights cross notification thresholds must notify both the Company and the FCA promptly, within two trading days. Notification thresholds start at 3% and apply at each whole percentage point thereafter.

Using the confirmed denominator, an investor must hold approximately 4,949,000 shares (3% of 164,966,520) to reach the initial notification threshold. Investors whose holdings have fluctuated around this or higher thresholds since the last published denominator should reassess their positions against this updated figure to ensure compliance. The Company explicitly directs shareholders to use 164,966,520 as the denominator; reliance on outdated figures risks breaching regulatory disclosure duties. Queries regarding this disclosure can be directed to Lucy Dina at BlackRock Investment Management (UK) Limited on 0207 743 5324.

BlackRock Investment Management (UK) Limited’s Role as BRFI Company Secretary

The announcement was submitted by Lucy Dina on behalf of BlackRock Investment Management (UK) Limited, which acts as Company Secretary for BlackRock Frontiers Investment Trust plc. The Company Secretary role involves significant regulatory and administrative responsibilities, including timely compliance with stock exchange disclosure rules, maintaining statutory records, and coordinating shareholder communications. As part of the global BlackRock group, the manager also oversees the trust’s investment portfolio, fulfilling both portfolio management and company secretarial duties.

This dual role is common among UK investment trusts, where the investment manager provides operational and administrative services under a management agreement. This structure highlights the close relationship between the trust’s board of directors, responsible for governance oversight, and the investment manager, handling day-to-day operations. Investors should note that investment trust governance differs from open-ended funds, with an independent board tasked with acting in shareholders’ interests and monitoring the manager’s performance.

BRFI Share Capital Structure and Its Role in Discount Management

The share capital structure of BlackRock Frontiers Investment Trust—with 164,966,520 shares in active voting circulation and 76,856,281 held in treasury—is relevant not only for voting rights calculations but also for understanding the trust’s discount management strategy. Investment trusts often repurchase shares into treasury when trading at discounts to net asset value (NAV), which can increase NAV per share for remaining shareholders and support market price. Conversely, treasury shares can be reissued when trading at or near NAV to manage supply and demand.

The substantial treasury shareholding represents a large pool of shares that could be reissued subject to shareholder approval and board discretion. The announcement does not specify recent buyback activity, changes in treasury shares since the prior disclosure, or guidance on future capital decisions. Investors seeking insight into recent buyback trends or NAV discount levels should consult the trust’s latest factsheets, NAV announcements, or annual reports. The immediate market impact of this voting rights disclosure was not evident from public information.

Regulatory Transparency Framework for UK-Listed Investment Trusts Like BRFI

BlackRock Frontiers Investment Trust operates within a comprehensive regulatory framework governing UK-listed closed-ended investment companies. As a London Stock Exchange-listed entity, BRFI is subject to FCA Listing Rules, Disclosure Guidance and Transparency Rules, and the UK Market Abuse Regulation, among other laws. The DTR 5.6.1 disclosure on 16 July 2026 is among several routine transparency obligations the trust must meet to maintain its listing and investor confidence.

Besides total voting rights disclosures, investment trusts must regularly publish NAVs, disclose material portfolio changes, notify the market of significant corporate events, and comply with the UK Corporate Governance Code as applicable. The Association of Investment Companies (AIC) Code provides additional governance guidance. This layered regulatory environment offers investors transparency and oversight that distinguish listed investment trusts from less regulated alternatives. Compliance with DTR 5.6.1, though routine, is a key part of BRFI’s ongoing regulatory duties to shareholders and the market.

Risks Associated with BlackRock Frontiers Investment Trust’s Frontier Market Exposure

Prospective investors should consider the specific risks linked to BRFI’s investment mandate. Frontier and smaller emerging markets tend to be more volatile than developed markets. The trust’s portfolio may face political instability, currency depreciation, limited liquidity, and weaker governance in the countries where its investee companies operate. Economic shocks in frontier economies or broader risk-off investor sentiment can disproportionately affect frontier equities compared to developed markets.

Additionally, as a closed-ended investment trust, BRFI’s shares may trade at a discount or premium to the underlying NAV, meaning investors might not transact at prices reflecting the portfolio’s true value. The trust’s performance depends on the expertise of BlackRock Investment Management (UK) Limited’s team. Changes in personnel, strategy, or market conditions could impact returns. This announcement does not include financial results, NAV data, or performance metrics; investors should review the Company’s latest reports and factsheets for current financial information before making decisions.