Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 30 April 2013 and unaudited.

Performance at month end with net income reinvested

                                  One      Three      Six      One   Since
                                month     months   months     year  launch*
Sterling:
Share price                      1.4%      12.5%    32.7%    32.4%   11.7%
Net asset value                  0.3%       6.0%    21.0%    23.8%    8.4%
MSCI Frontiers Index (NR)        1.1%       6.2%    20.4%    21.8%    1.0%
MSCI EM Markets (NR)            -1.7%      -0.4%     9.0%     8.5%   -0.8%
US Dollars:
Net asset value                  2.8%       4.0%    16.9%    18.7%    8.3%
MSCI Frontiers Index (NR)        3.6%       4.3%    16.3%    16.8%    0.9%
MSCI EM Markets (NR)             0.8%      -2.2%     5.3%     4.0%   -1.0%

Sources: BlackRock and Standard & Poor's Micropal
* 17 December 2010.

At month end
US Dollar:
Net asset value - capital only:               153.86c
Net asset value - cum income:                 157.27c
Sterling:
Net asset value - capital only:                98.86p
Net asset value - cum income:                 101.05p
Share price:                                  106.00p
Total assets (including income):               £95.8m
Premium to cum-income NAV:                       4.9%
Gearing:                                          nil
Gearing range (as a % of gross assets):         0-20%
Net yield:                                       2.3%
Ordinary shares in issue:                  94,766,267
 
Benchmark

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

Financials              28.2               Nigeria                    13.6
Consumer Staples        15.3               Qatar                      11.0
Telecommunication       15.1               Saudi Arabia               10.7
Energy                  12.7               United Arab Emirates       10.2
Industrials              9.2               Kazakhstan                  8.8
Healthcare               5.9               Vietnam                     5.7
Consumer Discretionary   4.8               Iraq                        5.7
Materials                3.9               Bangladesh                  4.6
Utilities                2.2               Ukraine                     4.2
Technology               1.9               Argentina                   2.8
                       -----               Sri Lanka                   2.8
Total                   99.2               Croatia                     2.7
                       -----               Pan Africa                  2.5
Short positions         -1.2               Panama                      2.4
                       =====               Kenya                       2.3
                                           Kuwait                      2.0
                                           Cambodia                    1.9
                                           Turkmenistan                1.6
                                           Algeria                     1.5
                                           Lebanon                     0.8
                                           Romania                     0.8
                                           Cameroon                    0.4
                                           Slovenia                    0.2
                                                                     -----
                                                                      99.2
                                                                     =====
                                           Short positions            -1.2
                                                                     =====

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

Market Exposure

      31.05  30.06  31.07  31.08  30.09  31.10  30.11  31.12 31.01 28.02 31.03 30.04
       2012   2012   2012   2012   2012   2012   2012   2012  2013  2013  2013  2013
          %      %      %      %      %      %      %      %     %     %     %     %
Long   99.2   97.2  101.9   96.5   99.1  101.0  102.0  103.4 105.1 104.1  99.5  99.2
Short   0.0    2.6    2.6    2.5    2.6    4.2    4.9    5.2   3.5   1.2   1.2   1.2
Gross  99.2   99.8  104.5   99.0  101.7  105.2  106.9  108.6 108.6 105.3 100.7 100.4
Net    99.2   94.6   99.3   94.0   96.5   96.8   97.1   98.2 101.6 102.9  98.3  98.0
 
Ten Largest Equity Investments

Company                              Country of Risk          % of gross assets

Zenith Bank                          Nigeria                       5.1%
Etihad Etisalat                      Saudi Arabia                  4.0%
Halyk Savings Bank                   Kazakhstan                    4.0%
Kazmunaigas Exploration              Kazakhstan                    3.8%
MHP                                  Ukraine                       3.4%
FBN Holdings                         Nigeria                       3.3%
Qatar Telecom                        Qatar                         3.2%
Sorouh Real Estate                   UAE                           3.0%
Hatton National Bank                 Sri Lanka                     2.8%
Air Arabia                           UAE                           2.7%

Commenting on the markets, Sam Vecht, representing the Investment Manager
noted:

Market overview

In April markets were notable for the high volatility in commodity prices, the
weakest of which was gold. The perceived safe-haven fell nearly 10% despite the
bank of Japan joining major central banks in increasing liquidity. Crude oil
was also weak in April, due to seasonally lower demand and weaker economic
data. Metals also fell, driven by Chinese growth downgrades and tightening
concerns in the property sector.

In this environment, the MSCI Frontier Markets Index returned 1.1% (in sterling
terms with net income reinvested), outperforming mainstream emerging markets
(the MSCI Emerging Markets Index fell by 1.7% in April.

The United Arab Emirates was the best performing of the large Frontier equity
markets. Markets in the Gulf Cooperation Council (GCC) region have performed
well in 2013. The region's economic recovery continues amid an improving
earnings outlook for corporates and increasing liquidity, all of which drove
the market higher.

The weakest performing market was Ukraine after the country failed to reach an
agreement with a visiting IMF delegation for a program to reduce the fiscal and
current account deficit. Despite the failure to reach an agreement, Ukraine was
able to raise financing, issuing a $1.25bn bond priced at 7.5%.

Portfolio overview

The Company returned 0.3% (in sterling terms), underperforming the MSCI
Frontier Market Index by 0.8%.

The strongest performer in April was UAE based airline, Air Arabia. The stock
surged to its highest level in more than three years after reporting strong
first quarter results fuelling investor optimism that the Middle East's biggest
no-frills airline will benefit from Dubai's tourism recovery.

UAE financial, Dubai Islamic Bank (DIB) was also strong during the month.
Liquidity in Dubai has increased markedly in recent months, reflected by DIB's
30% growth in deposits in the first quarter of 2013.

The weakest performers in April were the Company's positions in Iraq. Gulf
Keystone's involvement in litigation surrounding ownership rights of acreage in
Kurdistan Region of Iraq (KRI) has overshadowed the increased likelihood that a
deal to export oil from the KRI to Turkey would be agreed.  

Portfolio Activity

The Company is invested in 52 stocks across 23 countries.

The focus of activity in the Company in April was a rotation of positions in
Qatar. The Company realised some profits in companies in the industrial sector,
Industries Qatar and Qatar Navigation, and recycled the capital into
undervalued companies across the financial, utility and telecom sectors.  The
Company has increased holding in Qatar National Bank, Qatar Gas Transport and
Qatar Telecom (now rebranded as Ooreddoo).

Market Outlook

Frontier Markets continue to outperform Emerging Markets and as a result are
attracting increasing attention from global investors.  Flows into Frontier
Markets have been especially strong year to date, approximately $700m, and we
see little likelihood of these flows abating.  The very discrete classification
between Emerging and Frontier Markets which has resulted in around $1tr of
institutional assets following emerging markets compared to only around $10bn
in Frontier Markets creates substantial opportunities. 

We continue to prefer Frontier Markets which stand out for their low valuations
and high dividend yields. Frontier stocks, particularly in the domestic or
consumer sectors are valued at a fraction of their emerging peers despite
higher growth rates and higher margins. Positive structural reforms, high
growth and well-capitalised, liquid banking systems leave several Frontier
economies well placed in the current global environment.

22 May 2013

ENDS

Latest information is available by typing www.blackrock.co.uk/brfi 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.