Portfolio Update

THE BLACKROCK FRONTIERS INVESTMENTTRUST PLC

All information is at 31 JANUARY 2011 and unaudited.

Performance at month end with net income reinvested

                            One month       Since launch*
Sterling:
Share price                     -4.0%              +3.0%
Net asset value                 -2.9%              -3.2%
MSCI Frontiers Index           -2.24%              -1.0%
US Dollars:
Net asset value                 -0.6%              -0.6%
MSCI Frontiers Index           +0.01%              +1.7%

Sources: BlackRock and Standard & Poor's Micropal

* 17 December 2010.

At month end
US Dollar
Net asset value - capital only:               151.93c
Net asset value - cum income:                 151.93c

Sterling
Net asset value - capital only:                94.85p
Net asset value - cum income:                  94.85p

Share price:                                  103.00p

Total assets:                                  £89.9m
Premium:                                         8.6%
Gearing:                                           0%
Net yield:                                        n/a
Ordinary shares in issue:                  94,766,267

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

Financials                              23.6          Saudi Arabia                        13.5
Industrials                             16.2          Qatar                               12.4
Energy                                  14.0          Nigeria                              9.7
Consumer Staples                        10.4          Ukraine                              9.1
Materials                                9.5          Kazakhstan                           9.0
Consumer Discretionary                   6.9          United Arab Emirates                 7.0
Telecommunications                       6.0          Iraq                                 5.1
Utilities                                4.0          Romania                              5.1
Health Care                              1.7          Kuwait                               4.9
Net current assets                       7.7          Panama                               3.0
                                                      Oman                                 3.0
                                                      Jordan                               2.9
                                                      Croatia                              1.9
                                                      Slovenia                             1.8 
                                                      Other                                3.9
                                                      Net current assets                   7.7
                                       -----                                             -----
                                       100.0                                             100.0
                                       =====                                             ===== 
*reflects gross market exposure from contracts for difference (CFDs)

Ten Largest Equity Investments(in alphabetical order)

Company                          Country of Risk
Abdullah Al Othaim               Saudi Arabia
Air Arabia                       United Arab Emirates
Commercial Bank of Qatar         Qatar
Copa Holdings                    Panama
DNO International                Iraq
Kazmunaigas Exploration          Kazakhstan
Kernel Holdings                  Ukraine      
Qatar Electricity & Water        Qatar
Saudi Arabian Amiantit           Saudi Arabia
Zenith Bank                      Nigeria

3 February 2011
                                                                                                             ; on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.