Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 31 July 2013 and unaudited.

Performance of ordinary share class at month end with net income reinvested

                                  One      Three      Six      One   Since
                                month     months   months     year  launch*
Sterling:
Share price                      6.8%       7.7%    21.1%    49.4%   20.3%
Net asset value                  6.5%      11.7%    18.3%    45.0%   21.1%
MSCI Frontiers Index (NR)        5.2%       7.1%    13.7%    32.3%    7.4%
MSCI EM Markets (NR)             1.1%      -5.4%    -5.7%     5.4%   -6.1%
US Dollars:
Net asset value                  6.4%       8.8%    13.2%    40.3%   17.8%
MSCI Frontiers Index (NR)        5.2%       4.3%     8.8%    28.0%    5.3%
MSCI EM Markets (NR)             1.0%      -7.8%    -9.9%     2.0%   -9.0%

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

At month end
Ordinary Shares
US Dollar:
Net asset value - capital only:                    165.62c
Net asset value - cum income:                      165.63c
Sterling:
Net asset value - capital only:                    109.24p
Net asset value - cum income:                      109.25p
Share price:                                       110.50p
Total assets (including income):                   £103.5m
Premium to cum-income NAV:                           1.14%
Gearing:                                               nil
Gearing range (as a % of gross assets):              0-20%
Net yield:                                            4.6%
Ordinary shares in issue:                       94,766,267

*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 110.50 pence per
share). The Board does not currently anticipate any further distributions for
the current financial year.

C Shares**
US Dollar:
Net asset value - capital only:                    148.95c
Net asset value - cum income:                      148.95c
Sterling:
Net asset value - capital only:                     98.25p
Net asset value - cum income:                       98.25p
Share price:                                       102.75p
Total assets (including income):                    £62.5m
Premium to cum-income NAV:                            4.6%
Gearing:                                               nil
Gearing range (as a % of gross assets):                 0%
Net yield:                                             Nil
C shares in issue:                              63,566,000

** admitted to trading on 31 July 2013.

The following relates specifically to the ordinary share portfolio.

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

Financials              33.1               Qatar                      11.6
Consumer Staples        16.8               United Arab Emirates       11.3
Telecommunication       15.7               Saudi Arabia               11.2
Energy                  13.6               Nigeria                    10.9
Industrials              9.6               Bangladesh                  7.3
Healthcare               6.9               Kazakhstan                  7.2
Consumer Discretionary   4.0               Iraq                        6.0
Utilities                1.5               Vietnam                     4.6
Materials                1.4               Ukraine                     4.0
Technology               0.6               Sri Lanka                   3.3
                       -----               Pan Africa                  2.7
Total                  103.2               Pakistan                    2.4
                       -----               Turkmenistan                2.2
Short positions         -3.0               Algeria                     2.2
                       =====               Kuwait                      2.2
                                           Oman                        2.1
                                           Panama                      2.1
                                           Croatia                     2.1
                                           Russia                      2.0
                                           Cambodia                    1.9
                                           Other                       3.9
                                                                     -----
                                                                     103.2
                                                                     =====
                                           Short positions            -3.0
                                                                     =====

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

Market Exposure

             31.08 30.09  31.10  30.11  31.12  31.01 28.02 31.03 30.04 31.05 30.06 31.07
              2012  2012   2012   2012   2012   2013  2013  2013  2013  2013  2013  2013
                 %     %      %      %      %      %     %     %     %     %     %     %
Long          96.5  99.1  101.0  102.0  103.4  105.1 104.1  99.5  99.2  99.8  95.9 103.2
Short          2.5   2.6    4.2    4.9    5.2    3.5   1.2   1.2   1.2   1.1   2.5   3.0
Gross         99.0 101.7  105.2  106.9  108.6  108.6 105.3 100.7 100.4 100.9  98.4 106.2
Net           94.0  96.5   96.8   97.1   98.2  101.6 102.9  98.3  98.0  98.7  93.4 100.2

Ten Largest Equity Investments

Company                              Country of Risk          % of gross assets

Zenith Bank                          Nigeria                       4.6%
Halyk Savings Bank                   Kazakhstan                    4.3%
Doha Bank                            Qatar                         3.8%
Qatar National Bank                  Qatar                         3.8%
Etihad Etisalat                      Saudi Arabia                  3.6%
Emaar Properties                     United Arab Emirates          3.5%
Kazmunaigas Exploration              Kazakhstan                    2.9%
BAT Bangladesh                       Bangladesh                    2.8%
First Gulf Bank                      United Arab Emirates          2.8%
United International Transport       Saudi Arabia                  2.7%
 
Commenting on the markets, Sam Vecht, representing the Investment Manager
noted:

Market overview

In July, the MSCI Frontiers Markets index returned 5.2% (in US dollar terms
with net income reinvested), once again outperforming mainstream MSCI Emerging
Markets Index, which rose 1.0% (in US dollar terms with net income reinvested).
Year to date, the MSCI Frontier Markets Index has returned 16.9% against the
MSCI Emerging Market Index returns of -8.6%. (All percentages calculated on a
US dollar basis with net income reinvested.)

The strong positive sentiment surrounding the United Arab Emirates continued
into July. Already buoyed by MSCI's decision to upgrade the country to Emerging
Market status, the market has continued to benefit from corporates reporting
better than expected results, reflecting the on-going economic recovery.

Pakistan also continued a strong run in July, rising nearly 10%. Investors were
cheered by proposals for economic reform outlined by the new government and the
increasing likelihood of Pakistan agreeing a loan with the IMF. 

Bangladesh was the weakest performer in July. Although the medium term outlook
for the country is positive, renewed political tensions have weighed on short
term sentiment and a number of corporates, especially those in the banking
sector have reported disappointing results.  

Portfolio overview

The Company's NAV increased by 6.4% in July, outperforming the MSCI Frontier
Market index by 1.2%. Over the past 12 months, the Company's NAV has returned
40.3%, outperforming the benchmark by 12.3%. (All percentages calculated on a
US dollar basis with net income reinvested.)

The largest individual contributor to performance in July was UAE airline, Air
Arabia. The stock outperformed in the run up to results, which were reported in
early August.  The airline carried 3 million passengers in the first half of
2013, an increase of 16% from the same period in 2012 and achieved a load
factor of 82% which resulted in profits rising 17% and beating analyst
expectations. 

Saudi car rental firm, United International Transport (also known as Budget)
was also a strong performer over the month. Investors were cheered by the
release of strong second quarter results with earnings up 28% year-on-year.

The largest individual detractor form performance over the month Sri Lankan
financial, Hatton Bank, which fell around 4% over the month.  Investors became
increasingly concerned over the bank's pawning portfolio which offers loans
securitized against gold given the fall in the gold price during 2013.  
However, it is trading on price/earnings ratio of 7 and we continue to believe
that the stock is an interesting investment.

Portfolio Activity

The Company is invested in 55 stocks in across 24 markets, including three
short positions.

We initiated a new position in Pakistani financial, MCB Bank. MCB is the
leading private sector bank in Pakistan with a strong deposit franchise,
generating an ROE greater than 25%. 

We realized profits in Kenyan telecom, Safaricom.  The stock has risen more
than 160% since we initially acquired a position and now looks fully valued. 

The C share issue was closed during July and the proceeds are currently being
invested across the various markets. 

Market Outlook

Despite their continued outperformance, Frontier Market valuations remain
attractive both in absolute terms and relative to the mainstream Emerging
Markets. Companies operating very profitably in Sub-Saharan Africa, Asia and
the Middle East offer exposure to some of the fastest growing economies
globally yet are often trading on a price/earnings ratio of 9 and supported by
high dividend yields in excess of 7%.  In aggregate, the holdings of the
BlackRock Frontier Markets Investment Trust are trading on a forward price to
earnings ratio of under 10 and a dividend yield in excess of 4%.

The virtues of Frontier Markets include the world's fastest growing markets,
with stock markets that trade on attractive valuations and high dividend
yields. The combination of the countries with the best demographic profile the
lowest government debt and a substantial commodity endowment provides an
unrivalled investment opportunity.  The low correlation between Frontier
Markets and all developed and emerging markets mean that the inclusion of a
Frontier Markets fund within a portfolio can bring significant diversification
benefits.  As we wrote in January, it is looking increasingly likely that 2013
will be the breakout year for Frontier Markets.

16 August 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.