Interim Management Statement

BLACKROCK FRONTIERS INVESTMENT TRUST PLC Interim Management Statement - period from 1 October to 31 December 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 2013 to 31 December 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 As at 30 September 31 October 30 November 31 December 2013 2013 2013 2013 Sterling Share Price 110.00 114.00 112.00 114.50 Net Asset Value per share 104.64 107.42 108.74 111.27 Premium to cum income NAV 5.1% 6.1% 3.0% 2.9% US Dollar Share Price 178.13 183.15 183.46 189.64 Net Asset Value per share 169.45 172.70 178.26 184.22 Premium to cum income NAV 5.1% 6.1% 2.9% 2.9% Performance Month to Month to Month to Launch to 31 October 30 November 31 December 31 December 2013 2013 2013** 2013** Sterling Share price performance* 3.6% -1.8% 2.2% 24.6% NAV performance* 2.6% 1.2% 2.3% 23.3% MSCI Frontiers Index (NR)* 3.3% -0.2% 1.1% 6.6% MSCI EM Markets (NR)* 5.7% -3.4% -2.5% -8.4% US Dollar NAV performance* 1.9% 3.2% 3.3% 31.0% MSCI Frontiers Index (NR)* 2.5% 1.8% 2.2% 13.3% MSCI EM Markets Index (NR) 4.9% -1.5% -1.4% -2.7% *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 2013 (in alphabetical order) Company Country of Risk % of gross assets Zenith Bank Nigeria 5.3% Aldar Properties United Arab Emirates 5.1% Emaar Properties United Arab Emirates 3.7% Halyk Bank Kazakhstan 3.5% Qatar National Bank Qatar 3.3% Dragon Oil Turkmenistan 3.1% Qatar Gas Transport Qatar 3.1% Doha Bank Qatar 3.0% Kuwait Food Kuwait 3.0% Square Pharmaceuticals Bangladesh 3.0% Financial position as at 31 December 2013 Gross Assets (£m) £167.6m Ordinary Shares in Issue 150,621,621 Actual Gearing Nil Premium to cum-income NAV 2.9% Average discount (based on cum inc NAV) over the period since launch (0.6%) Average premium (based on cum inc NAV) over the quarter to 31 December 2013 3.1% Market Exposure 31.10 30.11 31.12 2013 2013 2013 % % % Long 100.4 100.5 103.3 Short 1.6 1.6 1.5 Gross 102.0 102.1 104.8 Net 98.8 98.9 101.8 Portfolio Analysis as at 31 December 2013 Benchmark Gross assets Country Analysis Gross assets (%)* (%)* Sector Analysis Financials 34.2 United Arab Emirates 13.4 Energy 16.5 Nigeria 12.4 Consumer Staples 12.6 Saudi Arabia 10.9 Health Care 9.6 Qatar 9.4 Telecommunication 8.9 Bangladesh 7.3 Industrials 8.6 Kazakhstan 5.9 Materials 6.5 Kuwait 5.5 Consumer Discretionary 4.4 Pakistan 4.7 Utilities 2.0 Iraq 4.4 ----- Oman 3.8 TOTAL 103.3 Sri Lanka 3.5 ----- Ukraine 3.2 Short positions -1.5 Vietnam 3.2 ----- Turkmenistan 3.1 Slovenia 2.3 Pan Africa 2.1 Panama 1.9 Kyrgyzstan 1.5 Romania 1.4 Estonia 1.3 Croatia 1.3 Argentina 0.8 ----- TOTAL 103.3 ----- Short positions -1.5 ----- * 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 2013 on 26 November December 2013. Annual General Meeting The Company's third Annual General Meeting was held on 3 February 2014. All resolutions were passed. Performance The BlackRock Frontiers Investment Trust NAV increased by 23.3% over the period from launch to 31 December 2013 and the share price increased by 24.6% against a MSCI Frontier Index movement of 6.6%. For the three months since the date of the annual report to 31 December 2013, the Company's NAV rose by 6.3%, the share price by 4.1%, and the MSCI Frontier Index increased by 4.2%. Since the quarter end 31 December 2013 to 31 January 2014 the share price has increased by 0.7% and the Company's NAV rose by 2.5% in comparison with a MSCI Frontier Index movement of 1.6% (all performance figures calculated in sterling terms with net income reinvested). Over the period since launch to the date of this announcement the Company's shares have traded at an average discount of 0.6%, and at 31 January 2014 were trading at a premium to the cum-income NAV of 1.1%. Activity At 31 December 2013, the Company was fully invested, with positions in 51 stocks across 22 markets. The Board is not aware of any other material events or transactions occurring between 1 October 2013 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/itson 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 3 February 2014

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