Interim Management Statement

THE BLACKROCK FRONTIERS INVESTMENT TRUST PLC

Interim Management Statement-period from 17 December to 31 January 2011

To the members of The BlackRock Frontiers Investment Trust PLC

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure & Transparency Rules. It
should not be relied on by any other party for any other reason.

This interim management statement relates to the period from the launch of the
Company on 17 December 2010 to 31 January 2011, and contains information that
covers this period, and up to the date of publication of this interim
management statement. Please note more detailed performance information is
available on the Manager's website www.blackrock.co.uk/its.

The Company's investment objective is to achieve long term capital growth from
investment in companies operating in Frontier Markets or whose stocks are
listed on the stock markets of such countries.

Stock Performance

                             31 January 2011
                                           
Sterling                                   
Share Price                         103.00p
Capital Net Asset Value per share    94.85p
Cum-income Net Asset Value per share 94.85p
Premium                                8.6%
Share price performance*               3.0%
NAV performance*                      -3.2%
MSCI Frontiers Index*                 -1.0%
US Dollar                                  
Share Price                          164.98
Net Asset Value per share            151.93
Premium                                8.6%
Share price performance*               5.8%
NAV performance*                      -0.6%
MSCI Frontiers Index*                  1.7%

*For the period from 17 December to 31 January 2011.

Sources: BlackRock and Standard & Poor's Micropal

Ten Largest Equity Holdings at 31 January 2011(in alphabetical order)

Company                          Country of Risk
Abdullah Al Othaim                  Saudi Arabia
Air Arabia                  United Arab Emirates
Commercial Bank of Qatar                   Qatar
Copa Holdings                             Panama
DNO International                           Iraq
Kazmunaigas Exploration               Kazakhstan
Kernel Holdings                          Ukraine 
Qatar Electricity & Water                  Qatar
Saudi Arabian Amiantit              Saudi Arabia
Zenith Bank                              Nigeria

Benchmark

Sector Analysis      Gross assets(%)*      Country Analysis      Gross assets(%)*
Financials                     23.6            Saudi Arabia                13.5
Industrials                    16.2                   Qatar                12.4
Energy                         14.0                 Nigeria                 9.7
Consumer Staples               10.4                 Ukraine                 9.1
Materials                       9.5              Kazakhstan                 9.0
Consumer Discretionary          6.9    United Arab Emirates                 7.0
Telecommunications              6.0                    Iraq                 5.1
Utilities                       4.0                 Romania                 5.1
Health Care                     1.7                  Kuwait                 4.9
Net current assets              7.7                  Panama                 3.0
                                                       Oman                 3.0
                                                     Jordan                 2.9
                                                    Croatia                 1.9
                                                   Slovenia                 1.8 
                                                      Other                 3.9
                                         Net current assets                 7.7
                             ------                                      ------
                              100.0                                       100.0
                             ======                                      ======

*reflects gross market exposure from contracts for difference (CFDs)

Financial position as at 31 January 2011

Gross Assets (£m)                            89.9
Ordinary Shares in Issue               94,766,267
Actual Gearing                                 0%
Premium to NAV                               8.6%
Average Premium over the Period              7.6%
                                                 

Material Events & Transactions
The Company was launched on 17 December, with 94,766,267 Ordinary Shares
admitted to the Official List and to trading on the London Stock Exchange's
main market for listed securities. The proceeds of the issue net of issue costs
were £92.87 million.

As previously announced to the London Stock Exchange, Mr Sarmad Zok was
appointed to the Board with effect from 8 February 2011. Mr. Zok is Chairman
and Chief Executive Officer of Kingdom Hotel Investments (KHI). The firm,
headquartered in Dubai, is the leading international hotel and resort
acquisition and development company with a focus on high growth emerging
markets such as the Middle East, Asia, and Africa. 

Mr Zok founded KHI in 2001 and led the company's US$1.6bn Initial Public Offering in 2006. 
The Company has since been taken private and is now wholly owned by Kingdom Holding Company
(KHC), a diversified conglomerate which, in addition to KHI's platform, has a
hospitality portfolio consisting of ownership interests in three leading hotel
management companies: the Four Seasons Hotels & Resorts, the Fairmont-Raffles
Hotels & Resorts and the Mövenpick Hotels & Resorts.

Mr Zok is also Board Director of KHC and a member of the company's Investment
Committee where he is responsible for KHC's global hotel portfolio which
includes the Four Seasons Hotel George V, Paris and interests in The Plaza
Hotel, New York; The Savoy London; The Fairmont San Francisco; and the Four
Seasons Hotel Toronto. He is also a member of the Board of Directors of Four
Seasons Hotels & Resorts, Fairmont Raffles Hotels and Mövenpick Hotels and
Resorts AG.

Previously, Mr Zok headed Forte PLC's development effort in emerging markets
and worked at HVS International, a leading hotel consulting and valuation firm,
covering European markets. Mr. Zok holds a Bachelor of Science in Hotel
Management from the University of Surrey and a Masters of Arts in Property
Valuation and Law from City University Business School in London.

Performance
The BlackRock Frontiers Investment Trust NAV fell by 0.6% over the period from
launch to 31 January 2011 (in US Dollar terms). Stocks that have contributed
positively to performance over the period included Ukrainian agriculture
company, Kernel, which rose on stronger soft commodity prices, oil producer,
DNO, which rose on reports that oil exports from Kurdistan will restart and
Saudi retailer, Al Othaim, which rose following the announcement of very strong
Q4 results. The Company also benefited from a zero position in Bangladesh, where
the stock market has seen a dramatic correction from highly overvalued levels
reached in mid December. The Manager's view is that the risks remain to the
downside in Bangladesh and the intention is to keep the portfolio zero
weighted.

Detractors from performance included Arabtec, a UAE based construction company,
which fell following a disappointing trading update and CETV, a Romanian media
company, which fell following the release of disappointing viewing figures.
Performance also suffered in December due to the large cash position in the
portfolio.

The fund suffered into month end from perceived contagion risks across the
Middle East from the events unfolding in North Africa and as a result has seen
strong performance month to date as these fears have rightly dissipated and the
stocks rebounded from oversold levels.

Activity
The Company is currently holding positions in 44 stocks across 18 markets. As
of 31st January, over 92% of the fund had been invested, well in excess of the
level anticipated at this stage of the investment process.

The Board is not aware of any other material events or transactions occurring
between 17 December 2010 and the date of publication of this interim management
statement which would have a material impact on the financial position of the
Company. Latest information is available by typing www.blackrock.co.uk/its on
the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3
(ICV terminal).

Contact details:
Sarah Beynsberger
BlackRock Investment Management (UK) Limited, Company Secretary
Tel: [phone]

17 February 2011