Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Advanced Frontier Markets Fund Ltd

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

Change of custodian

X

3. Full name of person(s) subject to thenotification obligation: iii

Prudential plc group of companies

4. Full name of shareholder(s)  (if different from 3.):iv

See attached schedule

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

3 October 2011

6. Date on which issuer notified:

4 October 2011

7. Threshold(s) that is/are crossed orreached: vi, vii

See item 13

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

ORD NPV

GG00B1W59J17

16,724,601

16,724,601

16,724,601

16,724,601

0

9.86%

0

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

16,724,601

9.86%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Prudential plc (parent Company)

M&G Group Limited (wholly owned subsidiary of Prudential plc)

M&G Limited (wholly owned subsidiary of M&G Group Limited)

M&G Investment Management Limited (wholly owned subsidiary of M&G Limited)

M&G Securities Limited (wholly owned subsidiary of M&G Limited)

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

Following a change of custodian for a large number of funds managed by M&G, the registration details have changed and are now as detailed on the attached report. No other material changes have taken place

14. Contact name:

James Todd / Mark Thomas

M&G Investment Management Limited

15. Contact telephone number:

020 7548 2293 / 020 7548 3266

Registered Holder

Holding

Voting Rights

% Voting Rights

Prudential plc

Holding Type: Direct

16,724,601

9.86

Total Notifiable

Interest

State Street Noms Ltd A/C GMIP

2,800,000

2,800,000

State Street Noms Ltd A/C MGNR

2,370,597

2,370,597

State Street Noms Ltd A/C MGRQ

11,554,004

11,554,004

Sub total:

16,724,601

16,724,601

M&G Group Limited

16,724,601

9.86

State Street Noms Ltd A/C GMIP

2,800,000

2,800,000

State Street Noms Ltd A/C MGNR

2,370,597

2,370,597

State Street Noms Ltd A/C MGRQ

11,554,004

11,554,004

M&G Investment Management Limited

16,724,601

9.86

State Street Noms Ltd A/C GMIP

2,800,000

2,800,000

State Street Noms Ltd A/C MGNR

2,370,597

2,370,597

State Street Noms Ltd A/C MGRQ

11,554,004

11,554,004

M&G Limited

16,724,601

9.86

State Street Noms Ltd A/C GMIP

2,800,000

2,800,000

State Street Noms Ltd A/C MGNR

2,370,597

2,370,597

State Street Noms Ltd A/C MGRQ

11,554,004

11,554,004

M&G Securities Limited

16,724,601

9.86

State Street Noms Ltd A/C GMIP

2,800,000

2,800,000

State Street Noms Ltd A/C MGNR

2,370,597

2,370,597

State Street Noms Ltd A/C MGRQ

11,554,004

11,554,004