Title: PowerPoint Presentation URL Source: https://documentscdn.financialexpress.net/Literature/F14D590B2ACAD84363699D62A8076BE0/241207926.pdf Number of Pages: 7 Markdown Content: BlackRock Frontiers Investment Trust plc # March 2026 # Company objective The Company’s investment objective is to achieve long term capital growth by investing in companies domiciled or listed in, or exercising the predominant part of their economic activity in, less developed countries. These countries (the “Frontiers Universe”) are any country which is neither part of the MSCI World Index of developed markets nor one of the eight largest countries by market capitalisation in the MSCI Emerging Markets Index as at 1 April 2018 being: Brazil, China, India, Korea, Mexico, Russia, South Africa and Taiwan. # Key risk factors Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Overseas investments will be affected by currency exchange rate fluctuations. The Company invests in a number of developing emerging markets (“Frontier Markets”). Frontier Markets tend to be more volatile than more established markets and therefore present a higher degree of risk as they are less well regulated and may be affected by political and social instability and other factors. These markets do not generally operate as efficiently as those in more developed countries. Corruption remains a significant issue across frontier markets and could have a material adverse effect on the value of investments. In addition, potential irregularities in market operations relating to settlement of securities transactions, custody of assets and insolvency proceedings presents a material risk of loss of assets belonging to the Company. Investments may be subject to severe liquidity constraints which mean that securities may trade infrequently and/or volume may be concentrated in a small number of companies and across a limited number of investors and financial intermediaries. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance. *The Company’s yield based on dividends announced in the last 12 months as at the date of the release of this announcement is 4.4% and includes the 2025 interim dividend of 3.65 cents per share, declared on 29 May 2025, paid to shareholders on 24 June 2025 and the 2025 final dividend of 6.35 cents per share, declared on 10 December 2025 paid to shareholders on 26 February 2026. ** Excluding 52,552,553 ordinary shares held in treasury. *** The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses and including performance fees but excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain non-recurring items for Year ended 30 September 2025. See glossary for further explanation of terms used. # blackrock.com/uk/brfi Fund information (as at 31/03/26) US Dollar: 233.87c Net asset value - capital only: 235.71c Net asset value - cum income: Sterling: 177.35p Net asset value - capital only: 178.74p Net asset value - cum income: 169.50p Share price: £292.5m Total assets (including income): 5.17% Discount to cum-income NAV: Nil Gearing: 0-20% Gearing range (as a % of gross assets): 4.4% Net yield:* 163,641,520 Ordinary shares in issue:** 1.42% Ongoing charges:*** 2.87% Ongoing charges plus taxation and performance fee:**** The information contained in this release was correct as at 31 March 2026 Information on the Company’s up to date net asset values can be found on the London Stock Exchange Website at: https://www.londonstockexchange.com/exchange/news/market- news/market-news-home.html > RET0426-5415321-EXP0427-1/7 Annual performance to the last quarter end (as at 31 December 2025) 31/03 /21 31/03 /22 % 31/03 /22 31/03 /23 % 31 /03 /23 31/03 /24 % 31/03 /24 31/03 /25 % 31/03 /25 31/03 /26 % 20.6 4.8 19.7 2.1 15.1 Net asset value (GBP) 7.0 9.2 18.6 1.0 20.4 Share price (GBP) 24.6 -6.8 6.8 1.7 15.8 Benchmark (NR) (GBP)** 15.1 -1.5 22.3 4.3 17.6 Net asset value (USD) 2.1 2.7 21.2 3.3 23.0 Share price (USD) 18.9 -12.5 9.1 3.9 18.3 Benchmark (NR) (USD)** Since launch * % 5Y% 3Y% 1Y% 3M% 1M% Sterling 205.0 68.7 44.3 20.4 -4.1 -17.7 Share price 223.6 77.9 40.7 15.1 -1.5 -10.4 Net asset value 122.6 46.1 25.8 15.8 3.0 -4.8 Benchmark (NR) ** Since launch * % 5Y% 3Y% 1Y% 3M% 1M% US Dollars 159.3 61.4 53.9 23.0 -6.0 -19.3 Share price 174.6 70.2 50.1 17.6 -3.4 -12.1 Net asset value 89.7 39.6 34.2 18.3 0.9 -6.7 Benchmark (NR) ** # Key risk factors Continued BlackRock intends to invest in a representative number of the frontier markets although may not be able to achieve exposure in certain markets due to Office of Foreign Asset Control (OFAC) and United Nations (UN) sanctions and other counterparty considerations. Exposure is achieved where permitted by all practicable means including (but not limited to) equities listed on exchanges in frontier markets and derivatives thereof, American Depositary Receipts (ADRs), and Global Depositary Receipts (GDRs) and of companies with operations in frontier markets but whose equities are listed on developed market exchanges. The Company may from time to time utilize gearing. A fuller definition of gearing is given in the Glossary. Non-Mainstream Pooled Investments (NMPI) Status The Company currently conducts its affairs so that its securities can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA's (Financial Conduct Authority) rules in relation to NMPI and intends to continue to do so for the foreseeable future. The securities are excluded from the FCA's restrictions which apply to non-mainstream pooled investments because they are shares. Performance The latest performance data can be found on the BlackRock Investment Management (UK) Limited website at blackrock.com/uk/brfi A fuller definition of ongoing charges, which includes the annual management fee, is given in the Glossary. Details of the management and performance fees are given in the fund information table overleaf. The performance of the Company’s portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. Cumulative performance (as at 31/03/26) The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. * 17 December 2010. ** The Company’s benchmark changed from MSCI Frontier Markets Index to MSCI Frontier + Emerging ex Selected Countries Index (net total return, USD) effective 1/4/2018. The above Net Asset Value (NAV) performance statistics are based on an NAV with income included with any income reinvested on the ex-dividend date, net of ongoing charges and any applicable performance fee. Share price performance figures are calculated on a mid market basis in sterling terms with income reinvested on the ex-dividend date. > RET0426-5415321-EXP0427-2/7 Comments from the Portfolio Managers Please note that the commentary below includes historic information in respect of the performance of portfolio investments, index performance data and the Company’s NAV and share performance. The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. The Company’s NAV returned -12.1% in March, while the MSCI Frontier + Emerging ex Selected Countries Index (“Benchmark Index”), returned -6.7%. For reference, the MSCI Emerging Markets Index returned -13.1% while the MSCI Frontier Markets Index returned -6.9% over the same period. All performance figures are on a US Dollar basis with net income reinvested. 1March was characterised by a more cautious, geopolitically driven environment. Heightened tensions in the Middle East weighed on global risk sentiment, with concerns around potential energy supply disruptions, particularly linked to the Strait of Hormuz, pushing oil prices higher and contributing to a more defensive market backdrop. Performance across markets saw substantial divergence across the universe. Oman (+14.0%) delivered the strongest returns in the universe, extending gains from the previous month amid speculation around potential inclusion in the MSCI Emerging Markets Index. Egypt (-21.6%) was the weakest performer as the country imports meaningful volumes of oil and a sustained high oil price would result in a significantly larger current account deficit. At the stock level, Argentina’s state-controlled oil and gas company, YPF (+30.8%) was the top contributor following the rise in oil prices. Relative performance over the month was strongly influenced by oil price dynamics. The top performing stocks, Kazakh e-commerce company, Kaspi (+4.9%), Saudi Arabia based telecom operator Mobily (+1.5%) and Saudi oil and gas rig operator, ADES (+0.7%), are all based in countries which are net exporters of oil. On the downside, Turkish gold miner Eldorado Gold (-26.1%) was the largest detractor during the month, pressured by weaker metal prices. Commercial International Bank Egypt (-19.1%) also declined as Egypt remains one of the regions most exposed to a prolonged Middle East conflict; however, the bank’s structural positioning continues to support near term profit resilience despite a challenging macro backdrop. Shares of Turkish bank Akbank (-25.8%) fell as second order effects from the US Israel escalation weighed on sentiment and expectations for further rate cuts faded. In the UAE, Emaar Development (-30.3%) detracted as heightened regional tensions raised concerns around dampened property demand and around construction delays. We made a few changes in March. We exited Saudi fintech name Rasan to lock in profits following a strong run over the past year, and initiated chemical production company Yansab which we believe stands out within Saudi Arabia as a beneficiary of higher oil prices through its exposure to Red Sea exports. In Turkey, we exited Türkiye İşbankası and reduced Akbank on concerns that rising energy prices linked to US Iran tensions could weigh on Turkey’s ability to continue to see disinflation. We also reduced healthcare name MLP to lock in profits. Looking ahead, we remain constructive on the outlook for smaller emerging and frontier markets. Valuations across our investment universe remain attractive, both in absolute and relative terms. Many of these markets are still under-researched, and we believe this creates fertile ground for finding high-conviction, alpha-generating opportunities. Unless otherwise stated all data is sourced from BlackRock as at 31 March 2026. All data points in US Dollar terms unless otherwise specified. 1 MSCI as at 31 March 2026. Risk : Reference to the names of each company in this communication is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies. Risk: Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. BlackRock Frontiers Investment Trust plc will not invest more than 10% of its gross assets in other closed-ended listed investment funds. > RET0426-5415321-EXP0427-3/7 Gross market value as a % of net assets Country Company 5.0 Kazakhstan Kaspi.Kz JCS 4.4 Egypt Commercial International Bank 4.4 Poland Bank Pekao 4.3 Kazakhstan Halyk Savings Bank 4.1 Saudi Arabia Etihad Etisalat 3.9 Georgia TBC Bank Group Plc 3.6 Hungary OTP Bank 3.5 Indonesia Bank Mandiri 3.4 Argentina YPF Sociedad Anónima 3.3 Kenya Equity Group Ten largest Equity investments (as at 31/03/26 ) Allocations are as of date shown and do not necessarily represent current or future portfolio holdings. Risk .: The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable. This should not be construed as investment advice or an investment recommendation of those companies. A full disclosure of portfolio investments for the BlackRock Frontiers Investment Trust plc as at 31 December 2025 has been made available on the Company’s website at the link given below: https://www.blackrock.com/uk/individual/literature/policies/blackrock-frontier- investment-trust-portfolio-disclosure.pdf Gross market value as a % of net assets* Country allocations (as at 31/03/26) 14.4 Saudi Arabia 12.0 United Arab Emirates 11.4 Kazakhstan 8.6 Egypt 7.4 Indonesia 6.2 Poland 5.2 Thailand 4.8 Kenya 4.5 Vietnam 4.3 Greece 4.2 Philippines 3.9 Pakistan 3.9 Georgia 3.7 Bangladesh 3.6 Hungary 3.4 Argentina 2.4 Turkey 1.5 Multi-International 1.3 Chile 106.7 Total -1.6 Short positions Allocations are as at the date shown and do not necessarily represent current or future portfolio holdings. Gross market value as a % of net assets* Sector allocations (as at 31/03/26) 52.7 Financials 10.9 Energy 9.4 Communication Services 7.7 Consumer Discretionary 7.3 Real Estate 4.7 Industrials 4.7 Materials 4.1 Consumer Staples 2.2 Health Care 1.8 Utilities 1.2 Information Technology 106.7 Total -1.6 Short positions *Reflects gross market exposure from Contracts for Difference (CFDs). A fuller definition of CFDs is given in the Glossary. Allocations are as of date shown and do not necessarily represent current or future portfolio holdings. > RET0426-5415321-EXP0427-4/7 Key company details Fund characteristics: 17 December 2010 Launch date Sterling Dealing currency Global Emerging Markets Association of Investment Companies sector (AIC) MSCI Frontier + Emerging ex Selected Countries Index* Benchmark *With effect from 1 April 2018 the Company has been benchmarked against MSCI Frontier + Emerging Markets ex Selected Countries Index (USD, net return). London Stock Exchange Traded Management BlackRock Fund Managers Limited Alternative Investment Fund Manager (with effect from 2 July 2014) 1.10% per annum of the Company’s nets assets up to US$650m, reducing to 1% on net assets above this amount. Annual Management fee 10% of any increase in the NAV at the end of a performance period over and above what would have been achieved had the NAV since launch increased in line with the MSCI Frontier + Emerging ex Selected Countries Index (USD, net return) (‘the Reference Index’). The performance fee payable in any year is capped at an amount equal to 2.5% or 1% of the gross assets if there is any increase or decrease in the NAV per share at the end of the relevant performance period, respectively (for full details please refer to the Annual Report and Financial Statements). Performance fee Sam Vecht and Emily Fletcher Portfolio Managers Market exposure The table below shows the gross and net exposure of the Company on a monthly basis. See Glossary for further information . 31.03 2026 % 28.02 2026 % 31.01 2026 % 31.12 2025 % 30.11 2025 % 31.10 2025 % 30.09 2025 % 31.08 2025 % 31.07 2025 % 30.06 2025 % 31.05 2025 % 30.04 2025 % Market Exposure > 106.7 121.3 116.7 110.9 110.5 114.0 112.2 114.3 113.0 121.2 117.9 111.3 Long > 1.6 2.0 1.8 1.9 1.5 1.6 1.7 2.4 2.5 3.4 3.4 3.8 Short > 108.3 123.3 118.5 112.8 112.0 115.6 113.9 116.7 115.5 124.6 121.3 115.1 Gross > 105.1 119.3 114.9 109.0 109.0 112.4 110.5 111.9 110.5 117.8 114.5 107.5 Net Financial Calendar 30 September Year end May (half yearly) November/December (final) Results announced February Annual General Meeting February (annual) June/July (interim) Dividends paid Ordinary share codes : GB00B3SXM832 ISIN B3SXM83 Sedol BRFI:LN Bloomberg BRFI.L Reuters BRFI Ticker > RET0426-5415321-EXP0427-5/7 # Glossary of terms Alternative Investment Market (AIM) AIM is the London Stock Exchange’s international market for smaller growing companies. The AIM market has no restrictions on market capitalisation, and financial reporting is more flexible than for companies listed on the main market of the London Stock Exchange. CFD (Contracts for Difference) Under a CFD contract the seller undertakes to pay to the buyer the difference between the current value of an asset and its value at a specified end date; this may be a positive or negative amount dependant on how the price has moved. A CFD contract may be used to profit from the price of the underlying asset falling as well as rising; if the buyer enters into a contract where the transaction will generate a profit if the price of the underlying holding falls, this is called a short position. A CFD contract also enables the Company to take advantage of price movements by paying only a small margin and without the cost outlay of purchasing the underlying stock. CFD contracts are not without risks. They may generate losses as well as profits if the price of the underlying asset moves in an unfavourable direction. CFDs also involve counterparty risk – the risk the CFD provider or another counterparty to a trade fails to fulfil their obligations – and liquidity risk, which means market conditions/the mechanics of trading could alter in such a way that trades cannot be made. Discount/premium Investment trust shares frequently trade at a discount or premium to NAV. This occurs when the share price is less than (a discount) or more than (a premium) to the NAV. The discount or premium is the difference between the share price (based on mid-market share prices) and the NAV, expressed as a percentage of the NAV. Discounts and premiums are mainly the consequence of supply and demand for the shares on the stock market. Gearing Investment companies can borrow to purchase additional investments. This is called ‘gearing’. It allows investment companies to take advantage of a long-term view on a sector or to take advantage of a favourable situation or a particularly attractive stock without having to sell existing investments. Gearing works by magnifying the company’s performance. If a company ‘gears up’ and then markets rise and the returns on the investments outstrip the costs of borrowing, the overall returns to investors will be even greater. But if markets fall and the performance of the assets in the portfolio is poor, then losses suffered by the investor will also be magnified. Net yield The net yield is calculated using total dividends declared in the last 12 months (as at date of this factsheet) as a percentage of month end share price. NAV (Net Asset Value) A company’s undiluted NAV is its available shareholders’ funds divided by the number of shares in issue (excluding treasury shares), before making any adjustment for any potentially dilutive securities which the Company may have in issue, such as subscription shares, convertible bonds or treasury shares. A diluted NAV is calculated on the assumption that holders of any convertibles have converted, subscription shares have been exercised and treasury shares are re-issued at the mid-market price, to the extent that the NAV per share is higher than the price of each of these shares or securities and that they are 'in the money'. The aim is to ensure that shareholders have a full understanding of the potential impact on the Company’s NAV if these instruments had been exercised on a particular date. Ongoing charges ratio Ongoing charges (%) = Annualised ongoing charges Average undiluted net asset value in the period Ongoing charges are those expenses of a type which are likely to recur in the foreseeable future, whether charged to capital or revenue, and which relate to the operation of the investment company as a collective fund, excluding the costs of acquisition/disposal of investments, financing charges and gains/losses arising on investments. Ongoing charges are based on costs incurred in the year as being the best estimate of future costs and include the annual management fee. Treasury shares Treasury shares are shares that a company keeps in its own treasury which are not currently issued to the public. These shares do not pay dividends, have no voting rights and are not included in a Company’s total issued share capital amount for the purpose of calculating percentage ownership. Treasury stock may have come from a repurchase or buyback from shareholders, or it may have never been issued to the public in the first place. Treasury shares may be reissued from treasury to the public to meet demand for a company’s shares in certain circumstances. Want to know more? blackrock.com/uk/brfi | General Enquiries 0207 743 3000 | coaec@blackrock.com > RET0426-5415321-EXP0427-6/7 Risk Warnings Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time. Trust specific risks: Gearing risk. Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall. Emerging Europe. Emerging market investments are usually associated with higher investment risk than developed market investments. Therefore, the value of these investments may be unpredictable and subject to greater variation. Exchange rate risk. The return of your investment may increase or decrease as a result of currency fluctuations. Frontiers. Frontier markets are generally more sensitive to economic and political conditions than developed and emerging markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets and failed/delayed delivery of securities or payments to the Fund. There may be larger fluctuations to the value of your investment and increased risk of losing your capital. Derivative Risk general. The Fund uses derivatives as part of its investment strategy. Compared to a fund which only invests in traditional instruments such as stocks and bonds, derivatives are potentially subject to a higher level of risk. Counterparty Risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. Non-investment grade risk. Non-investment grade fixed income securities are more sensitive to changes in interest rates and present greater ‘Credit Risk’ than higher rated fixed income securities. Important Information Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 2020394. For your protection telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. This document is marketing material. The Company is managed by BlackRock Fund Managers Limited (BFM) as the AIFM. BFM has delegated certain investment management and other ancillary services to BlackRock Investment Management (UK) Limited. The Company’s shares are traded on the London Stock Exchange and dealing may only be through a member of the Exchange. The Company will not invest more than 15% of its gross assets in other listed investment trusts. SEDOL is a trademark of the London Stock Exchange plc and is used under licence. Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance. BlackRock Frontiers Investment Trust plc currently conducts its affairs so that their securities can be recommended by IFAs to ordinary retail investors in accordance with the Financial Conduct Authority’s rules in relation to nonmainstream investment products and intend to continue to do so for the foreseeable future. The securities are excluded from the Financial Conduct Authority’s restrictions which apply to non-mainstream investment products because they are securities issued by investment trusts. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in in local language in registered jurisdictions. BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. To ensure you understand whether our product is suitable, please read the fund specific risks in the Key Investor Document (KID) which gives more information about the risk profile of the investment. The KID and other documentation are available on the relevant product pages at www.blackrock.com/uk/its. We recommend you seek independent professional advice prior to investing. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer. © 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its affiliates All other trademarks are those of their respective owners.