Interim Management Statement

BLACKROCK FRONTIERS INVESTMENT TRUST PLC Interim Management Statement - period from 1 October to 31 December 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 October 2011 to 31 December 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 31 As at 30 December September 2011 2011 Sterling Share Price 73.75p 75.00p Net Asset Value per share 78.73p 78.40p Discount to cum income NAV 6.3% 4.3% US Dollar Share Price 114.60c 116.83 Net Asset Value per share 122.34c 122.13 Premium/(discount) to cum inc NAV 6.3% 4.3% Performance Quarter to 31 Quarter to 30 Launch to 31 December 2011 September 2011 December 2011** Sterling Share price performance* (1.7%) (18.1%) (26.3%) NAV performance* 0.4% (14.4%) (19.7%) MSCI Frontiers Index (NR)* (1.7%) (9.3%) (17.1%) MSCI EM Markets (NR)* 4.7% (20.2%) (15.2%) US Dollar NAV performance* 0.2% (17.0%) (19.9%) MSCI Frontiers Index (NR)* (1.9%) (12.0%) (17.3%) MSCI EM Markets Index (NR)* 4.4% (22.6%) (15.5%) *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 31 December 2011 (in alphabetical order) Company Country of Risk Sector Al Mouwasat Saudi Arabia Health Care Al Othaim Saudi Arabia Consumer Staple Amiantit Saudi Arabia Industrial Commercial Bank of Qatar Qatar Financial Copa Panama Industrial Hrvatski Telekomunikacije Croatia Telecom Kazmunaigas Exploration Kazakhstan Energy Qatar Electricity & Water Qatar Utilities Qatar Navigation Qatar Industrial Zenith Nigeria Financial Financial position as at 31 December 2011 Gross Assets (£m) £74.6m Ordinary Shares in Issue 94,766,267 Actual Gearing 0% Discount to cum-income NAV 6.3% Average discount (based on cum 0.2% inc NAV) over the period since launch Average discount (based on cum 4.9% inc NAV) over the quarter to 31 December 2011 Market Exposure 31.10 30.11 31.12 2011 2011 2011 % % % Long 101.1 103.4 97.0 Short 6.2 4.8 3.2 Gross 107.3 108.2 100.2 Net 94.9 98.6 93.8 Portfolio Analysis as at 31 December 2011 Benchmark Sector Analysis Gross assets(%)* Country Analysis Gross assets(%)* Financials 21.2 Qatar 16.4 Industrials 17.9 Saudi Arabia 11.9 Energy 14.8 Nigeria 10.6 Consumer Staples 12.8 Kazakhstan 10.1 Telecommunications 10.9 Ukraine 6.4 Materials 5.4 United Arab Emirates 6.2 Utilities 5.3 Kuwait 6.0 Consumer Discretionary 4.8 Croatia 4.9 Healthcare 3.9 Iraq 4.8 ---- Panama 3.6 Total 97.0 Argentina 3.2 ==== Romania 2.0 Short positions -3.2 Bangladesh 1.9 ==== Pan Africa 1.9 Oman 1.7 Pakistan 1.6 Other 3.8 ---- 97.0 ==== Short positions -3.2 ==== *reflects gross market exposure from contracts for difference (CFDs) Material Events & Transactions Annual Report The Company announced its annual results for the period since incorporation on 15 October 2010 to 30 September 2011 on 2 December 2011. The Company also announced the payment of a final dividend of 3.00 cents, payable on 24 February 2012 to shareholders on the register at 27 January 2012. Performance The BlackRock Frontiers Investment Trust NAV fell by 19.7% over the period from launch to 31 December 2011 and the share price fell by 26.3%. For the three months since the date of the annual report to 31 December 2011, the Company's NAV rose by 0.4% and the share price fell by 1.7% (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 0.2%, and at 31 December 2011 were trading at a discount to the cum-income NAV of 6.3%. Activity At 31 December 2011, the Company was fully invested, with positions in 49 stocks across 24 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: 020 7743 2639 15 February 2012

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