Portfolio Update

THE BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 31 MAY 2011 and unaudited.

Performance at month end with net income reinvested
                        One month     Three months     Since launch*
Sterling:
Share price             -2.9%         -7.5%            -7.3%
Net asset value         -1.0%          1.8%            -6.0%
MSCI Frontiers Index    -2.5%          1.0%            -8.0%
US Dollars:
Net asset value         -2.3%          3.0%            -0.8%
MSCI Frontiers Index    -3.8%          2.2%            -2.9%

Sources: BlackRock and Standard & Poor's Micropal

* 17 December 2010.

At month end
US Dollar
Net asset value - capital only:       148.54c
Net asset value - cum income:         151.65c

Sterling
Net asset value - capital only:       90.25p
Net asset value - cum income:         92.14p

Share price:                          92.75p

Total assets (including income):      £87.3m
Premium to capital only NAV:            2.8%
Gearing:                                  0%
Net yield:                               n/a
Ordinary shares in issue:         94,766,267

Benchmark
Sector Analysis          Gross assets(%)*       Country Analysis         Gross assets(%)*
Financials               28.4                   Nigeria                  13.9
Industrials              21.4                   Qatar                    11.9
Energy                   13.5                   Saudi Arabia             10.7
Consumer Staples         13.1                   Ukraine                  10.5
Materials                 7.8                   Kazakhstan                8.9
Telecommunications        6.6                   United Arab Emirates      6.8
Consumer Discretionary    5.7                   Romania                   6.1
Healthcare                3.4                   Iraq                      5.4
Utilities                 3.2                   Kuwait                    5.0
Short positions          -2.9                   Croatia                   4.0
Net current liabilities  -0.2                   Panama                    3.6
                                                Jordan                    3.1
                                                Slovenia                  2.5
                                                Oman                      2.3
                                                Pakistan                  2.2
                                                Other                     6.2
                                                Short positions          -2.9
                                                Net current liabilities  -0.2
                         -----                                          -----
                         100.0                                          100.0
                         =====                                          ===== 
*reflects gross market exposure from contracts for difference
(CFDs)

Ten Largest Equity Investments(in alphabetical order)

Company                      Country of Risk
Al Mouwasat Medical          Saudi Arabia
Central European Media       Romania
Copa Holdings                Panama
First Bank of Nigeria        Nigeria
Hrvatski Telekomunikacije    Croatia
Kazmunaigas Exploration      Kazakhstan
MHP                          Ukraine
Qatar Electricity & Water    Qatar
Saudi Arabian Amiantit       Saudi Arabia
Zenith Bank Nigeria

Commenting on the markets, Sam Vecht, representing the investment
Manager noted;

Markets
The MSCI Frontiers index fell 3.8% in May, despite rallying strongly towards
the end of the month. Nigeria rose 1.7% over the month. The economic outlook
for the country remains extremely positive following the peaceful resolution of
the elections and the inauguration of President Goodluck Jonathan. The
Argentinian stock market performed well, up 1.2%, rebounding slightly from
oversold levels last month.

Whilst not part of the Frontier Markets Index, Saudi Arabia was also resilient,
rising 0.4%. The recently announced $140bn stimulus package buoyed sentiment
and protected the market from the deterioration in risk appetite across global
equity markets.

The Vietnamese market was the weakest performer over the month, falling over
12%. The market fell on 9 consecutive days as investors reacted to inflation
rising to 19.8% year-on-year and worse than expected budget deficits. Kuwait
had a turbulent month falling more than 7% on renewed political tensions
between cabinet and parliament.

Performance
The BlackRock Frontiers Investment Trust NAV fell by 2.3% in May, outperforming
the Index by 1.5%. The Company was well positioned geographically benefiting
from overweight positions in Ukraine, Nigeria and Saudi Arabia and underweight
positions in Kuwait and Vietnam.

Top stocks this month once again included Panamanian airline, Copa which
released a trading update beating market expectations. The company continues to
benefit from network restructuring in Colombia and an improving competitive
environment. Guinness Nigeria also contributed significantly to performance
after a trading update which included increasing margins and the continued
growth in sales of a number of key brands driving market share gains. The
Company also benefitted from an overweight position in Amiantit, a Saudi
Arabian industrial company which is a beneficiary of increased government
infrastructure spending domestically.

Detractors from performance in April included a position in Nova Kreditna, a
Slovenian bank, which fell after releasing a disappointing first quarter
trading update and Botswanan diamond producer, Firestone Diamonds, which was
caught up in the global sell off in small cap miners.

Activity
The Company is currently holding 46 long positions and 4 short positions in
stocks across 19 markets. Over the month the Company increased exposure to
Pakistani cement manufacturer, Lucky Cement which is among the lowest cost
producers in the world, trading on an attractive multiple of 7 times 2011
earnings. The team also added to positions in Ukrainian agricultural company,
MHP, which is a beneficiary of higher soft commodity prices, specifically
sunflower oil which has increased by over 35% in the second quarter of 2011.

The Company trimmed the position in Panamanian airline, Copa, to take some
profits and sold the position in UAE energy company, Dana Gas. Despite
remaining convinced of the strong fundamentals at Dana Gas, particularly its
Iraqi exposure, our concern over the lack of resolution of the political
situation in Egypt, where the company has significant exposure, led to a
decision to sell the position.

Subsequent to month end we sold our position in real estate consulting firm,
Hill International. The stock surged almost 60% after the company announced
that it had won a contract in Iraq, which more than tripled its entire backlog.
Following such a large price move we deemed it prudent to take profits.

Outlook
It is our view that Frontier Markets offer the most attractive opportunity
within the broader emerging market universe. The combination of the countries
in the world with the fastest growth, the best demographics and the lowest debt
/GDP ratio should prove to be highly supportive. We note that equity valuations
in the Company's portfolio holdings are low compared to both emerging markets
and developed markets despite the far higher corporate earnings growth
prospects. Following a period of significant under performance, we would not be
surprised to see increased capital allocation towards the asset class during
2011.

The Company remains overweight Nigeria where we continue to think that
valuations look compelling. Following the re-election of President Goodluck
Jonathan, we would expect the government to push ahead with much needed
infrastructure reform, especially in the power sector.

In Saudi Arabia, we believe that recent government measures will stimulate
consumer spending and mobilise infrastructure projects which will boost company
earnings and in this context valuations continue to look very attractive.

In Ukraine, we continue to be impressed by the new government's approach to
tackling decade-old issues and the resurgence of the country's industrial and
agricultural sectors. Meanwhile, Kazakhstan is emerging from a four year
financial crisis and the companies in the materials and energy sectors are
being boosted by record commodity prices. We remain overweight in both of these
countries.

The Company remains underweight in Argentina where valuations remain expensive
despite a deteriorating macro-economic outlook. Overall, we believe that the
outlook for frontier markets as an asset class is robust and we see significant
upside for the holdings in the fund.

15 June 2011

ENDS

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). 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.