Interim Management Statement

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

Interim Management Statement - period from 1 October 2012 to 31 January 2013

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 2012 to
31 January 2013, 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    As at 31 
                                 31 January   31 December  30 November  31 October
                                       2013          2012         2012        2012             
Sterling                                                                        
Share Price                          94.25p        82.50p       81.38p      81.25p
Net Asset Value per share            95.34p        87.78p       85.89p      84.92p
Discount to cum income NAV             1.1%          6.0%         5.3%        4.3%
US Dollar                                                                      
Share Price                         149.44c       134.11c      130.42c     130.91c
Net Asset Value per share           151.17c       142.69c      137.65c     136.82c
Discount to cum income NAV             1.1%          6.0%         5.3%        4.3%

Performance
                             Month        Month        Month       Month   
                             ended        ended        ended       ended   Launch to
                        31 January  31 December  30 November  31 October  31 January
                              2013         2012         2012        2012        2013**
                                 %            %            %           %           % 
Sterling                                                                       
Share price performance*      16.2          1.4          0.2         0.6        (0.7)
NAV performance*              10.5          2.2          1.1         1.3         2.3
MSCI Frontiers Index (NR)*    10.2          0.6          2.2        (0.5)       (4.9)
MSCI EM Markets (NR)*          3.9          3.4          1.8        (0.4)       (0.4)
US Dollar                                                                      
NAV performance*               7.8          3.7          0.6         1.1         4.1
MSCI Frontiers Index (NR)*     7.5          2.1          1.7        (0.7)       (3.3)
MSCI EM Markets Index (NR)*    1.4          4.9          1.3        (0.6)        1.3

*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 January 2013 (in alphabetical order)

Company                        Country of Risk          Sector

FBN Holdings                   Nigeria                  Financials
First Gulf Bank                United Arab Emirates     Financials
Halyk Savings Bank             Kazakhstan               Financials
Hrvatski Telekomunikacije      Croatia                  Telecommunications
Kazmunaigas Exploration        Kazakhstan               Energy
MHP                            Ukraine                  Consumer Staples
Orascom Telecommunications     Algeria                  Telecommunications
Petrovietnam Fertilizers
    & Chemicals                Vietnam                  Materials
Qatar Electricity & Water      Qatar                    Utilities
Zenith Bank                    Nigeria                  Financials

Financial position as at 31 January 2013

Gross Assets (£m)                            £90.4m
Ordinary Shares in Issue                 94,766,267
Actual Gearing                                   0%
Discount to cum-income NAV                     1.1%
Average discount (based on cum inc             2.5%
NAV) over the period since launch to               
31 January 2013                                    

Market Exposure
                          31.01   31.12   30.11    31.10
                           2013    2012    2012     2012
                              %       %       %        %
Long                      105.1   103.4   102.0    101.0
Short                       3.5     5.2     4.9      4.2
Gross                     108.6   108.6   106.9    105.2
Net                       101.6    98.2    97.1     96.8

Portfolio Analysis as at 31 January 2013

Benchmark

Sector Analysis             Gross assets(%)*     Country Analysis       Gross assets(%)*

Financials                       30.5            Nigeria                     15.8
Consumer Staples                 15.7            Qatar                       11.1
Telecommunication                14.3            United Arab Emirates        11.0
Industrials                      11.8            Kazakhstan                   9.1
Energy                           10.1            Saudi Arabia                 9.0
Materials                         7.1            Vietnam                      6.1
Healthcare                        6.5            Ukraine                      5.0
Consumer Discretionary            5.6            Bangladesh                   4.9
Utilities                         2.8            Iraq                         4.7
Technology                        0.7            Panama                       4.3
                               ------            Argentina                    3.0
Total                           105.1            Croatia                      2.9
                               ------            Algeria                      2.8
Short positions                   3.5            Pan Africa                   2.3
                                 ====            Cambodia                     2.1
                                                 Kenya                        2.0
                                                 Kuwait                       2.0
                                                 Sri Lanka                    1.9
                                                 Romania                      1.5
                                                 Cameroon                     1.3
                                                 Republic of Congo            1.0
                                                 Lebanon                      0.9
                                                 Slovenia                     0.4
                                                                            -----
                                                                            105.1
                                                                            =====
                                                 Short positions             -3.5
                                                                            =====

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

Material Events & Transactions

Annual Report

The Company announced its annual results for the year ended 30 September 2012
on 30 November 2012. The Company also announced the payment of a final dividend
of 2.60 cents, payable on 8 March 2013 to shareholders on the register at 1
February 2013.

Performance

The BlackRock Frontiers Investment Trust NAV increased by 2.3% over the period
since launch and the share price fell by 0.7%. For the four months since the
date of the annual report to 31 January 2013, the Company's NAV rose by 15.7%
and the share price rose by 18.8% (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 2.5%, and at 31 January
2013 were trading at a discount to the cum-income NAV of 1.1%.

Net Asset Value

The Company announces its NAV on a daily basis, which can be accessed via the
London Stock Exchange Website, or via http://blackrock.co.uk/brfi under the
News tab.

The unaudited net asset values for BlackRock Frontiers Investment Trust plc at
close of business on 14 February 2013 were:

Capital only Sterling (pence) 99.02p
Including current year income Sterling (pence) 99.11p
Capital only US dollar (cents) 153.74c
Including current year income US dollar (cents) 153.87c

Activity

At 31 January 2013, the Company was fully invested, with positions in 55 stocks
and 3 short positions across 25 markets.

The Board is not aware of any other material events or transactions occurring
between 1 October 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: [phone]

15 February 2013