Interim Management Statement

BLACKROCK FRONTIERS INVESTMENT TRUST PLC Interim Management Statement - period from 1 April to 30 June 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 April 2013 to 30 June 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 31 31 June March December 2013 2013 2012 Sterling Share Price 103.50p 104.50p 82.50p Net Asset Value per share 102.61p 100.79p 87.78p Premium/(Discount) to cum income NAV 0.9% 3.7% (6.0%) US Dollar Share Price 156.98c 158.68c 134.10c Net Asset Value per share 155.64c 153.03c 142.69c Premium/(Discount) to cum income NAV 0.9% 3.7% (6.0%) Performance Quarter Quarter Quarter Launch to to to to 30 31 31 30 June March December June 2013 2013 2013 2013** Sterling Share price performance* 2.3% 28.9% 2.2% 12.6% NAV performance* 5.1% 16.8% 4.7% 13.7% MSCI Frontiers Index (NR)* 2.9% 15.8% 2.4% 2.8% MSCI EM Markets (NR)* (8.0%) 5.3% 4.9% (7.1%) US Dollar NAV performance* 5.1% 9.1% 5.4% 10.7% MSCI Frontiers Index (NR)* 2.7% 8.2% 3.1% 0.0% MSCI EM Markets Index (NR)* (8.1%) (1.6%) 5.6% (9.6%) *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 2013 (in alphabetical order) Company Country of Risk % of gross assets Zenith Bank Nigeria 4.9% Halyk Savings Bank Kazakhstan 4.0% Doha Bank Qatar 3.8% Etihad Etisalat Saudi Arabia 3.6% Qatar National Bank Qatar 3.4% Kazmunaigas Exploration Kazakhstan 3.2% First Gulf Bank United Arab Emirates 2.8% United International Transport Saudi Arabia 2.8% Hatton National Bank Sri Lanka 2.7% Kinh Do Corporation Vietnam 2.6% Financial position as at 30 June 2013 Gross Assets (£m) £97.2m Ordinary Shares in Issue 94,766,267 Actual Gearing 0% Gearing range (as a % of gross assets) 0-20% Premium to cum-income NAV 0.9% Net yield* 4.9% *Yield calculations are based on dividends announced in the last 12 months as at the date of the release of this announcement, including the 2012 final dividend per share of 2.60 cents per share (1.64557 pence per share) announced on 30 November 2012, the 2013 interim dividend of 2.00 cents per share and the special interim dividend of 3.40 cents per share announced on 30 May 2013, payable to shareholders on 5 July 2013. The interim and special dividends announced on 30 May 2013 that total 5.40 cents per share (3.45003 pence per share) are the total dividends for the financial year ending 30 September 2013. The special dividend represents the final dividend which is normally paid in March each year. Therefore, a more accurate indication of the projected yield for the financial year to 30 September 2013 would be 3.1% (based on the latest available share price as at the date of this announcement of 109.50 pence per share). The Board does not currently anticipate any further distributions for the current financial year. Market Exposure 30.06.2013 31.03.2013 31.12.2012 % % % Long 95.9 99.5 103.4 Short 2.5 1.2 5.2 Gross 98.4 100.7 108.6 Net 93.4 98.3 98.2 Portfolio Analysis as at 30 June 2013 Benchmark Sector Analysis Gross assets(%)* Country Analysis Gross assets(%)* Financials 29.9 Nigeria 11.2 Consumer Staples 15.2 Qatar 10.8 Telecommunication 13.7 Saudi Arabia 10.8 Energy 12.3 United Arab Emirates 9.9 Industrials 9.9 Kazakhstan 7.2 Healthcare 6.6 Iraq 5.5 Consumer Discretionary 4.1 Bangladesh 5.4 Materials 2.0 Vietnam 5.3 Utilities 1.5 Ukraine 3.7 Technology 0.7 Sri Lanka 3.7 ---- Pan Africa 2.6 Total 95.9 Panama 2.3 ---- Croatia 2.2 Short positions -2.5 Kuwait 2.2 ==== Algeria 2.2 Cambodia 1.9 Oman 1.9 Pakistan 1.5 Argentina 1.4 Turkmenistan 1.4 Other 2.8 ---- 95.9 ==== Short positions -2.5 ==== *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 2013 on 30 May 2013. C-Share issue On 25 June 2013, the Board of Directors of BlackRock Frontiers Investment Trust plc announced plans for a capital raising of up to a maximum of £70 million, before expenses, by way of a placing and offer for subscription of C Shares at an issue price of 100p per C Share. Following the closure of the C Share placing and offer for subscription (the `Issue'), BlackRock Frontiers Investment Trust plc (the `Company') announced that applications had been made for 63,566,000 C Shares to be admitted to the premium listing segment of the Official List and to trading on the London Stock Exchange's main market for listed securities on 31 July 2013. The proceeds of the Issue net of issue costs are approximately £62.45 million. Certain funds managed or advised by BlackRock Investment Management (UK) Limited, the Company's investment manager, subscribed for 25 million C Shares pursuant to the Issue. The Company also announced that, following the class meeting and general meeting which were held earlier today, all resolutions put to the meetings were passed. In accordance with listing rule 9.6.2R copies of the resolutions have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM. The Company's C Share ticker is BRFC and its ISIN is GB00BBBSB408. Class Meeting and General Meeting As noted above, the Company held a Class Meeting at 9.00 a.m. on 25 July 2013 and a General Meeting at 9.10 a.m. on the same date, to seek shareholder approval for revisions to the Company's Articles of Association and take other steps to facilitate the issue of C shares as described above. All resolutions were passed as announced on 25 July 2013. Dividend An interim dividend of 2.00 US cents per was paid on 5 July 2013 to shareholders on the Company's register on 7 June 2013. In addition, a special interim dividend of 3.40 US cents was paid on 5 July 2013 to shareholders on the register on 7 June 2013. This special dividend was declared in place of the Company's final dividend, normally paid in March, and was paid early to ensure that existing shareholders did not have their revenue return diluted by the C-share conversion, which will result in a higher number of ordinary shares being in issue at the end of the year, and distributable revenue being spread across a greater number of shares. The Board do not therefore currently anticipate any further distributions in respect of the financial year ending 30 September 2013. Performance The BlackRock Frontiers Investment Trust NAV increased by 13.7% over the period from launch to 30 June 2013 and the share price rose by 12.6%. For the three months since the date of the half yearly report to 30 June 2013, the Company's NAV rose by 5.1% and the share price rose by 2.3% (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 1.3% and at 30 June 2013 were trading at a premium to the cum-income NAV of 0.9%. Activity At 30 June 2013, the Company was fully invested, with positions in 53 stocks across 21 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 cum-income net asset value for BlackRock Frontiers Investment Trust plc at close of business on 23 July 2013 was 163.96 cents (106.69 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 25 July 2013

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