Interim Management Statement

THE BLACKROCK FRONTIERS INVESTMENT TRUST PLC

Interim Management Statement-period from 1 April to 30 June 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 1 April 2011 to 30
June 2011, and contains information that covers this period, and up to the date
of publication of this interim management statement.

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.

Share price, NAV and share rating

                                                    As at 30 June      As at 31
                                                             2011    March 2011
                                                                               
Sterling                                                                       
Share Price                                                91.63p        90.50p
Net Asset Value per share                                  91.64p        93.76p
Premium/(discount) to cum inc NAV                         (0.01%)        (3.5%)
US Dollar                                                                      
Share Price                                               147.11c       145.08c
Net Asset Value per share                                 147.12c       150.31c
Premium/(discount) to cum inc NAV                         (0.01%)        (3.5%)
                                                                               

Performance

                                          Quarter to   Quarter to 31   Launch to 30
                                        30 June 2011      March 2011     June 2011*
Sterling                                                                      
Share price performance*                        1.2%         (15.6%)         (8.4%)
NAV performance*                              (2.3%)          (4.0%)         (6.5%)
MSCI Frontiers Index*                         (0.4%)          (7.7%)         (6.9%)
US Dollar                                                                     
Share price performance*                       1.4%          (13.6%)         (5.5%)
NAV performance*                              (2.1%)          (1.7%)         (3.7%)
MSCI Frontiers Index*                         (0.3%)          (5.5%)         (4.1%)

*The Company launched on 17 December 2010.

Sources: BlackRock and Standard & Poor's Micropal

Ten Largest Equity Holdings at 30 June 2011(in alphabetical order)

Company                     Country of Risk
Al Mouwasat Medical         Saudi Arabia
Copa Holdings               Panama
First Bank of Nigeria       Nigeria
Halyk Savings Bank          Kazakhstan
Hrvatski Telekomunikacije   Croatia
Kazmunaigas Exploration     Kazakhstan
MHP                         Ukraine
Qatar Electricity & Water   Qatar
Saudi Arabian Amiantit      Saudi Arabia
Zenith Bank                 Nigeria

Financial position as at 30 June 2011
Gross Assets (£m)                          £86.9m
Ordinary Shares in Issue               94,766,267
Actual Gearing                                 0%
Discount to cum-income NAV                (0.01%)
Average premium (based on cum inc            3.5%
NAV) over the period since launch                
Average premium (based on cum inc            2.1%
NAV) over the quarter to 30 June                 
2011                                             

Material Events & Transactions

Annual Report

The Company announced its half yearly results for the period since
incorporation on 15 October 2010 to 31 March 2011 on 12 May 2011.

Directorate

As previously announced to the London Stock Exchange, Mr John Murray was
appointed as non-executive director of the Company with effect from 12 July
2011. Mr Murray is chairman and one of the founders of Ecofin Limited, a London
based investment firm which specialises in the global utilities,
infrastructure, renewable energy and energy sectors. He is also a director of
Ecofin Water & Power Opportunities plc, a quoted investment trust, Ecofin
Global Utilities Hedge Fund Limited, Ecofin Special Situations Utilities Fund
Limited and Ecofin China Power & Infrastructure Fund Limited and chairman of
EFMI Funds plc. Mr Murray previously sat on the board of Blackrock New Energy
Investment Trust plc and held senior corporate finance positions at Swiss Bank
Corporation in London and at Morgan Stanley Group, Inc., in New York, London
and Australia.

Performance

The BlackRock Frontiers Investment Trust NAV fell by 3.7% over the period from
launch to 30 June 2011 and the share price fell by 5.5%. For the three months
since the date of the half yearly report to 30 June 2011, the Company's NAV
fell by 2.1% and the share price rose by 1.4% (all performance figures
calculated on a US dollar basis with net income reinvested). Over the period
since launch the Company's shares have traded at an average premium of 3.5%,
and at 30 June 2011 were trading at a very marginal discount to the cum-income
NAV of 0.01%.

Promotion to FTSE

As a result of the rebalancing of the FTSE indices effective 17 June 2011, the
Company was promoted to the FTSE Small Cap index.

Activity

At 30 June 2011, the Company was fully invested, with positions in 50 stocks
across 21 markets.

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]

15 July 2011