Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC
All information is at 30 November 2013 and unaudited.

Performance at month end with net income reinvested

                                One  Three    Six    One    Since
                              month months months    year  launch*

Sterling:
Share price                   -1.8%   2.8%   6.1%   44.6%   21.9%
Net asset value                1.2%   2.4%   2.7%   33.0%   20.5%
MSCI Frontiers Index (NR)     -0.2%   1.8%  -3.1%   23.0%    5.5%
MSCI EM Markets (NR)          -3.4%   3.9%  -5.3%    1.4%   -6.0%

US Dollars:
Net asset value                3.2%   8.5%  11.1%   36.1%   26.8% 
MSCI Frontiers Index (NR)      1.8%   7.8%   4.7%   25.8%   10.9%
MSCI EM Markets (NR)          -1.5%  10.0%   2.3%    3.7%   -1.2%

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

At month end
US Dollar:
Net asset value - capital only:              178.26c
Net asset value - cum income:                178.26c
Sterling:
Net asset value - capital only:              108.74p
Net asset value - cum income:                108.74p
Share price:                                 112.00p
Total assets (including income):             £163.8m
Premium to cum-income NAV:                      3.0%
Gearing:                                         nil
Gearing range (as a % of gross assets):        0-20%
Net yield:                                      3.1%
Ordinary shares in issue:                150,621,621

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

Financials                         33.2    United Arab Emirates               11.1
Energy                             15.7                 Nigeria               10.6 
Consumer Staples                   13.4            Saudi Arabia               10.2
Health Care                         9.5                   Qatar                9.9 
Telecommunication                   8.7              Bangladesh                7.1
Industrials                         8.6              Kazakhstan                5.9
Materials                           6.5                    Iraq                5.7
Consumer Discretionary              2.9                  Kuwait                4.8
Utilities                           2.0                Pakistan                4.5
                                                        Ukraine                3.8
                                  -----               Sri Lanka                3.6
Total                             100.5                    Oman                3.3
                                  -----                 Vietnam                3.2
Short positions                    -1.6            Turkmenistan                2.9
                                  =====                  Panama                2.6
                                                       Slovenia                2.3
                                                     Pan Africa                2.1
                                                     Kyrgyzstan                1.7
                                                        Romania                1.4
                                                        Estonia                1.4
                                                        Croatia                1.3
                                                      Argentina                1.1
                                                                             -----
                                                                             100.5
                                                                             =====
                                                Short positions               -1.6
                                                                             =====

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


Market Exposure

          31.12 31.01 28.02 31.03 30.04 31.05 30.06 31.07 31.08 30.09 31.10 30.11
           2012  2013  2013  2013  2013  2013  2013  2013  2013  2013  2013  2013
              %     %     %     %     %     %     %     %     %     %     %     %

Long      103.4 105.1 104.1  99.5  99.2  99.8  95.9 103.2  98.9  98.8 100.4 100.5
Short       5.2   3.5   1.2   1.2   1.2   1.1   2.5   3.0   3.3   1.4   1.6   1.6
Gross     108.6 108.6 105.3 100.7 100.4 100.9  98.4 106.2 102.2 100.2 102.0 102.1
Net        98.2 101.6 102.9  98.3  98.0  98.7  93.4 100.2  95.6  97.4  98.8  98.9


Ten Largest Equity Investments

Company                                Country of Risk   % of gross assets

Zenith Bank                            Nigeria                        5.2%
Emaar Properties                       United Arab Emirates           4.2%
Doha Bank                              Qatar                          3.9%
Genel Energy                           Iraq                           3.4%
Halyk Bank                             Kazakhstan                     3.4%
Square Pharmaceuticals                 Bangladesh                     3.2%
Qatar Gas Transportation               Qatar                          3.1%
Dragon Oil                             Turkmenistan                   2.9%
Qatar National Bank                    Qatar                          2.9%
First Gulf Bank                        United Arab Emirates           2.7%

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

Markets

The MSCI Frontier Market Index returned 1.8% in November. Frontier Markets
outperformed mainstream Emerging Markets which fell by 1.5% as investors
shifted their assets into European and US markets amid encouraging signs of
economic growth across developed markets (all percentages calculated on a US
Dollar basis with net income reinvested). Outflows from Emerging Markets were
led by ETFs which saw a combined outflow of around $3.5bn from Emerging
Markets over the month.

Argentina was once again the strongest performer, rising by 21%. Investors
were encouraged by a proposed agreement between Spain, Argentina and Mexico to
resolve the dispute over the nationalised Argentinean energy company YPF.

Kazakhstan also performed strongly, led by Halyk Bank which rose by 22% over
the month after announcing strong third quarter results. Loan growth
accelerated to reach 8% quarter-on-quarter and 26% year-on-year which,
combined with an expansion of Net Interest Margin, led to the bank reporting a
rise in Net Income of 46% over the previous quarter.

Kuwait was a notable underperformer over the month, falling by 2.6%.

Portfolio

The BlackRock Frontiers Investment Trust's NAV increased by 3.2% in November,
outperforming the benchmark by 1.4%. Year to date, the Company's NAV has
returned 31.3% compared to the MSCI Frontier Markets Index return of 23.2%.

UAE Healthcare provider, NMC, outperformed in November. The stock rose sharply
following the announcement that under the new medical law all residents will
be required to have compulsory health insurance cover which will significantly
increase demand at NMCs facilities.

Caribbean stock, Cable and Wireless Communications rose following the
announcement that they had extended their mobile licence in Panama for 20
years at a cost of $100m, which removed some of the future uncertainty for the
company. The Iraqi oil stocks also contributed strongly to performance on the
expectation of imminent export sales through the pipeline to Turkey.

Kyrgyzstan miner, Centerra was the largest individual detractor from
performance over the month which continued to suffer over speculation that the
Kyrgyz government would renegotiate the terms of the company's mining licence.

Activity

In November, the Company initiated a new position in Romanian Energy firm,
Romgaz. The company successfully completed an Initial Public Offering (IPO) at
the beginning of the month. The government has undertaken to liberalise prices
in the energy sector as part of a reform agenda agreed with the IMF and on the
back of this the stock looks attractively valued.

The Company sold its position in Iraqi-focussed energy company DNO. The stock
has risen in excess of 100% in 2013 as the likelihood of oil exports from the
region has increased with the completion of the pipeline from Kurdistan to
Turkey. Whilst we remain positive on the region, we have taken the opportunity
to rotate our exposure into stocks where performance has been more muted this
year and have recently initiated a position in another Iraqi oil company,
Genel Energy.

Outlook

With dedicated Frontier AUM doubling in 2013 and investment banks devoting
resource to the area, we expect a raft of private frontier companies to come
to the market over the next 12 months, as their owners are allured by the
possibility of quantifying and crystallising wealth. This is an essential part
of the development phase of Frontier Markets, as the size of frontier country
stock markets is typically small relative to GDP. It will also provide some
great opportunities to invest in new businesses. However, a fully-fledged IPO
boom can be a bearish signal as surges in stock issuance often signal market
peaks. The good news is there have been very few IPOs in 2013 and a full scale
boom will likely need markets to move considerably higher first.

More than 2bn people live in Frontier Markets but until now they have
attracted little investor attention. With their strong GDP growth, positive
demographic profile, low debt burden and relatively low correlation to
developed and emerging markets, we think frontier markets are a great place to
invest for those who have both a long term horizon and wish to see capital and
income growth. In a changing world, we believe that opportunities abound for
unconventional investors.

17 December 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.