Publication of Prospectus and Circular

BlackRock Frontiers Investment Trust plc

Publication of prospectus and circular

The Company has today published a prospectus and circular in connection with a
placing and offer for subscription of C Shares. The circular will be sent to
Shareholders setting out notices convening (i) a class meeting of the Ordinary
Shareholders to be held on 25 July 2013 at 9.00 a.m.; and (ii) a general
meeting of the Company to be held on 25 July 2013 at 9.10 a.m. (or as soon
thereafter as the Class Meeting shall have concluded or been adjourned).

As announced on 30 April 2013, the Board has been considering methods to meet
demand from new and existing investors for shares in the Company whilst
avoiding any dilution for existing Shareholders. The Prospectus sets out the
background to and reasons for the issue of C Shares to raise up to a maximum of
£70 million, before expenses, by way of a placing and offer for subscription of
C Shares at an issue price of 100p per C Share.

As at 21 June 2013 (the latest practicable date prior to the publication of the
Prospectus), the Company's unaudited Net Asset Value per Ordinary Share (with
income) was £1.0208 and the closing mid-market price of an Ordinary Share was £
1.0750 representing a premium on the rating of the Ordinary Shares of 5.3 per
cent. The Board (as advised by the Manager) believes that there are attractive
opportunities for the Company to deliver value for new and existing
Shareholders through exposure to Frontier Markets and that the premium rating
of its Shares indicates good ongoing demand for the Shares in the secondary
market.

In addition, the Board wishes to give all existing Shareholders and potential
new investors the opportunity to participate in the Issue. Institutional
investors may participate in the Placing and existing investors who cannot
participate in the Placing will be able to apply for C Shares under the Offer
for Subscription. In the event that applications under the Offer for
Subscription are required to be scaled back, existing Shareholders will,
subject to the Company being able to meet the Listing Rules' "shares in public
hands" requirement, be given priority over new investors under the Offer for
Subscription and thereafter no further applications will be accepted and the
Offer for Subscription will be closed.

The Issue, apart from offering existing investors the opportunity to invest,
should broaden the Company's share register by introducing new investors and
improving liquidity for Shareholders. The increased size of the Company should
mean that the fixed costs of operating the Company are spread over a larger
asset base, thereby reducing the Company's ongoing charges ratio.

The issue of further equity in the form of C Shares is designed to overcome the
potential disadvantages for both existing and new investors which would arise
out of a conventional fixed price issue of further Ordinary Shares for cash. In
particular:

  * the assets representing the Net Proceeds will be accounted for as a
    separate pool of assets until the Conversion Date; by accounting for the
    Net Proceeds separately, holders of existing Ordinary Shares will not be
    exposed to a portfolio containing substantial amounts of uninvested cash
    nor to the costs of investing the Net Proceeds;
   
  * the C Shares will not convert into Ordinary Shares until at least 85 per
    cent. of the Net Proceeds of the C Share issue (or such other percentage as
    the Directors and Manager shall agree) have been invested in accordance
    with the Company's investment policy (or, if earlier, six months after the
    date of their issue). When determining whether 85 per cent. of the Net
    Proceeds (or such other percentage as the Directors and Manager shall
    agree) have been so invested, the Directors will assume that the cash
    balances held within the C Share asset pool have been adjusted in respect
    of any market exposure obtained through contracts for difference, to
    represent the level of cash the C Share asset pool would have held had the
    equivalent market exposure been obtained instead via direct equity
    investment;
   
  * the Net Asset Value of the existing Ordinary Shares will not be diluted by
    the expenses associated with the Issue which will be borne by the
    subscribers for C Shares (and in certain circumstances the Manager); and
   
  * the basis upon which the C Shares will convert into Ordinary Shares is such
    that the number of Ordinary Shares to which the C Shareholders will become
    entitled will reflect the relative Net Asset Value per Share of the assets
    attributable to the C Shares and the Ordinary Shares. As a result, the Net
    Asset Value per Ordinary Share will not be adversely affected by
    Conversion.
   
Following Conversion, the investments which were attributable to the C Shares
will be merged with the Company's existing portfolio of investments. The new
Ordinary Shares arising on Conversion of the C Shares will rank pari passu with
the Ordinary Shares then in issue.

Participation by BlackRock Investors in the Issue

As at 21 June 2013 (being the latest practical date prior to the publication of
the Prospectus) funds managed or advised by the Manager hold approximately 15.2
per cent. of the existing issued Ordinary Share capital of the Company. Certain
of these funds and further funds managed or advised by BlackRock (the
"BlackRock Investors") intend to participate in the Placing in respect of, in
aggregate, up to 20 million C Shares (depending on the size of the Issue and
the aggregate holdings of the BlackRock Investors on Admission and following
Conversion). The Manager has indicated that the BlackRock Investors may agree,
in certain circumstances, to participate in respect of, in aggregate, up to a
further 10 million C Shares.

The Manager is a related party of the Company for the purposes of the Listing
Rules because, inter alia, it is a 'substantial shareholder' as funds managed
or advised by the Manager hold in excess of 10 per cent. of the issued Ordinary
Share capital of the Company. Accordingly, the participation by the BlackRock
Investors in the Issue constitutes a related party transaction under the
Listing Rules. As a consequence, separate shareholder approval is required for
this related party transaction. The Manager will, given the related party
nature of the proposed participation in the Issue by the BlackRock Investors,
abstain, and has undertaken to take all reasonable steps to ensure that its
associates (as defined in the Listing Rules) will abstain, from voting at the
General Meeting in relation to the resolution for the approval of the proposed
participation in the Issue by the BlackRock Investors.

Furthermore, although not required by the Listing Rules the Manager will also
abstain, as a matter of good practice, and has undertaken to take all
reasonable steps to ensure that its associates (as defined in the Listing
Rules) will abstain, from voting on the resolutions to be proposed at the
General Meeting which are required for implementation of the Issue (being
resolutions 1, 2 and 4).

Expected timetable

Placing and Offer for Subscription opens             25 June 2013              
                                                                               
Latest time and date for receipt of Forms of         9.00 a.m. on 12 July 2013 
Direction for the Class Meeting                                                
                                                                               
Latest time and date for receipt of Forms of         9.10 a.m. on 12 July 2013 
Direction for the General Meeting                                              
                                                                               
Latest time and date for receipt of Application      1.00 p.m. on 19 July 2013 
Forms under the Offer for Subscription                                         
                                                                               
Latest time and date for commitments under the       5.00 p.m. on 19 July 2013 
Placing                                                                        
                                                                               
Latest time and date for receipt of Forms of Proxy   9.00 a.m. on 23 July 2013 
for the Class Meeting                                                          
                                                                               
Latest time and date for receipt of Forms of Proxy   9.10 a.m. on 23 July 2013 
for the General Meeting                                                        
                                                                               
Class Meeting                                        9.00 a.m. on 25 July 2013 
                                                                               
General Meeting                                      9.10 a.m. on 25 July 2013*
                                                                               
Announcement of the results of the Issue             25 July 2013              
                                                                               
Admission of the C Shares to the Official List of    31 July 2013              
the UKLA and dealings in the C Shares commence on                              
the main market for listed securities of the London                            
Stock Exchange                                                                 
                                                                               
Crediting of CREST stock accounts in respect of the  31 July 2013              
C Shares                                                                       
                                                                               
Share certificates despatched in respect of the C    week commencing 5 August  
Shares                                               2013 (or as soon as       
                                                     possible thereafter)      

* or as soon thereafter as the Class Meeting shall have concluded or been
adjourned.

Capitalised terms in this announcement have the meanings attributed to them in
the Prospectus.

Copies of the Prospectus and the Circular have been submitted to the National
Storage Mechanism and will shortly be available for inspection at 
www.hemscott.com/nsm.do and on the Company's website at www.blackrock.co.uk/
brfi.

25 June 2013

Enquiries:

Simon White
BlackRock Investment Management (UK) Limited
020 7743 5284

Jane Lewis/Alex Blake
Sponsor and Joint Placing Agent
Winterflood Investment Trusts
020 3100 0295

Andrew Davies/Haris Papanikolaou
Joint Placing Agent
LCF Edmond de Rothschild Securities Limited,
020 7845 5960