Interim Management Statement

BLACKROCK FRONTIERS INVESTMENT TRUST PLC Interim Management Statement - period from 1 April 2012 to 30 June 2012 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 2012 to 30 June 2012, 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 As at As at 30 June 31 March 31 December 2012 2012 2011 Sterling Share Price 73.38p 84.00p 73.75p Net Asset Value per share 76.84p 85.79p 78.73p Discount to cum income NAV 4.5% 2.1% 6.3% US Dollar Share Price 115.08c 134.21c 114.60c Net Asset Value per share 120.51c 137.06c 122.34c Discount to cum income NAV 4.5% 2.1% 6.3% Performance Quarter to Quarter to Quarter to Launch to 30 June 31 March 31 December 30 June 2012 2012 2011 2012** Sterling Share price performance* (11.8%) 16.8% (1.7%) (24.0%) NAV performance* (9.6%) 11.6% 0.5% (18.9%) MSCI Frontiers Index (NR)* (5.0%) 2.6% (1.7%) (19.2%) MSCI EM Markets (NR)* (7.2%) 11.0% 4.7% (12.7%) US Dollar NAV performance* (11.2%) 14.8% 0.3% (18.4%) MSCI Frontiers Index (NR)* (6.8%) 5.5% (1.9%) (18.7%) MSCI EM Markets Index (NR)* (8.9%) 14.1% 4.4% (12.2%) *Net asset value returns are calculated on cum-income NAVs and based on the assumption that dividends are reinvested on the ex-dividend date. Share price performance is calculated using closing mid-prices and based on the assumption that dividends are reinvested on the ex-dividend date. Benchmark indices are calculated on a net return (NR) basis with net income reinvested. When calculated on a net return basis, dividends are treated as reinvested after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. **The Company launched on 17 December 2010. Sources: BlackRock and Standard & Poor's Micropal Ten Largest Equity Investments at 30 June 2012 (in alphabetical order) Company Country of Risk Sector Commercial Bank of Qatar Qatar Financial First Bank of Nigeria Nigeria Financial First Gulf Bank United Arab Emirates Financial Halyk Savings Bank Kazakhstan Financial Hrvatski Telekomunikacije Croatia Telecoms Kazmunaigas Exploration Kazakhstan Energy MHP Ukraine Consumer Staples National Mobile Telecommunications Kuwait Telecoms Qatar Electricity & Water Qatar Utilities Zenith Nigeria Financial Financial position as at 30 June 2012 Gross Assets (£m) £72.8m Ordinary Shares in Issue 94,766,267 Actual Gearing 0% Discount to cum-income NAV 4.5% Net yield 3.6% Market Exposure 30 June 31 March 31 December 2012 2012 2011 % % % Long 97.2 98.3 97.0 Short 2.6 3.0 3.2 Gross 99.8 101.3 100.2 Net 94.6 95.3 93.8 Portfolio Analysis as at 30 June 2012 Benchmark Sector Analysis Gross assets(%)* Country Analysis Gross assets(%)* Financials 29.6 Nigeria 15.6 Industrials 15.6 Qatar 13.9 Consumer Staples 13.4 Kazakhstan 10.9 Telecommunications 11.3 United Arab Emirates 10.2 Energy 10.7 Saudi Arabia 8.1 Healthcare 5.0 Kuwait 6.2 Utilities 4.5 Ukraine 6.1 Consumer Discretionary 3.2 Vietnam 4.4 Materials 3.2 Croatia 4.1 Technology 0.7 Bangladesh 2.9 ----- Iraq 2.8 Total 97.2 Argentina 2.6 ----- Panama 2.6 Short positions -2.6 Pan Africa 2.1 ===== Kenya 1.7 Algeria 1.6 Slovenia 0.7 Romania 0.7 ----- 97.2 ===== Short positions -2.6 ===== *reflects gross market exposure from contracts for difference (CFDs) Material Events & Transactions Half yearly Report The Company announced its half yearly results for the six months ended 31 March 2012 on 11 May 2012. Dividend An interim dividend of 1.2 cents per share was paid on 22 June 2012 to shareholders on the Company's register on 25 May 2012. Performance The BlackRock Frontiers Investment Trust NAV fell by 18.9% over the period from launch to 30 June 2012 and the share price fell by 24%. For the three months since the date of the half yearly report to 30 June 2012, the Company's NAV fell by 9.6% and the share price fell by 11.8% (all performance figures calculated in sterling terms with net income reinvested). Over the period since launch the Company's shares have traded at an average discount of 1.4% and at 30 June 2012 were trading at a discount to the cum-income NAV of 4.5%. Activity At 30 June 2012, the Company was fully invested, with positions in 46 stocks across 19 markets. Net Asset Values The Company announces its NAV on a daily basis, which can be accessed via http: //www.blackrock.co.uk/brfi, under the "News" tab. The unaudited net asset value for BlackRock Frontiers Investment Trust plc at close of business on 7 August 2012 was 127.02 cents (81.17 pence). The Board is not aware of any other material events or transactions occurring between 30 June 2012 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: 020 7743 2639 8 August 2012

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