Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 30 April 2014 and unaudited.

Performance at month end with net income reinvested

                            One   Three     Six    One   Three   Since
                          month  months  months   year   years  launch*
Sterling:
Share price                0.8%    3.3%    4.4%  16.0%   35.6%   29.5%
Net asset value            3.7%    2.6%    8.9%  19.6%   36.6%   29.7%
MSCI Frontiers Index (NR)  4.4%    9.6%   12.4%  17.5%   26.3%   18.8% 
MSCI EM Markets (NR)      -0.9%    4.0%   -7.7%  -9.5%  -11.9%  -10.2%

US Dollars:
Net asset value            5.1%    5.4%   14.4%  29.8%   38.4%   40.6%
MSCI Frontiers Index (NR)  5.7%   12.6%   18.1%  27.5%   27.7%   28.6%
MSCI EM Markets (NR)       0.3%    6.8%   -3.0%  -1.8%  -10.8%   -2.8%

Sources: BlackRock and Standard & Poor's Micropal

* 17 December 2010.

At month end
US Dollar:
Net asset value - capital only:        192.80c
Net asset value - cum income:          197.60c
Sterling:
Net asset value - capital only:        114.18p
Net asset value - cum income:          117.02p
Share price:                           119.00p
Total assets (including income):       £176.3m
Premium to cum-income NAV:                1.7%
Gearing:                                   nil
Gearing range (as a % of gross assets):  0-20%
Net yield:                                2.7%
Ordinary shares in issue:          150,621,621

*Yield calculations are based on dividends announced in the last 12 months as
at the date of the release of this announcement. 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 were paid to shareholders on 5 July 2013. These
combined interim and special dividends of 5.40 cents per share (3.19788 pence
per share) represent the total dividends for the financial year ending 30
September 2013 (the special dividend representing the final dividend which is
normally paid in March each year).

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

Financials             29.5                  Qatar                 11.1
Energy                 18.8                  Bangladesh            8.1
Telecommunication      13.8                  Nigeria               8.1
Consumer Staples       11.6                  Kuwait                8.0
Health Care             9.1                  Saudi Arabia          7.7
Consumer Discretionary  6.6                  United Arab Emirates  7.0
Industrials             5.1                  Pakistan              6.1
Materials               4.7                  Kazakhstan            6.0
Utilities               2.4                  Romania               5.1
                      -----                  Sri Lanka             5.1
Total                 101.6                  Iraq                  3.8
                      -----                  Oman                  3.7
Short positions        -2.0                  Ukraine               3.7
                      =====                  Turkmenistan          3.3
                                             Vietnam               3.0
                                             Argentina             2.6
                                             Slovenia              2.3
                                             Kygryzstan            1.7
                                             Pan Frontiers         1.5
                                             Estonia               1.3
                                             Panama                1.3
                                             Croatia               1.1
                                                                 -----
                                                                 101.6
                                                                 =====
                                             Short positions      -2.0
                                                                 =====

*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 
       2013  2013  2013  2013  2013  2013  2013  2013  2014  2014  2014   2014              
          %     %     %     %     %     %     %     %     %     %     %      %                  
Long   99.8  95.9 103.2  98.9  98.8 100.4 100.5 103.3  96.6 101.8 101.6  101.6 
Short   1.1   2.5   3.0   3.3   1.4   1.6   1.6   1.5   1.7   1.8   1.7    2.0  
Gross 100.9  98.4 106.2 102.2 100.2 102.0 102.1 104.8  98.3 103.6 103.3  103.6 
Net    98.7  93.4 100.2  95.6  97.4  98.8  98.9 101.8  94.9 100.0  99.9   99.6 

Ten Largest Equity Investments

Company                              Country of Risk           % of gross assets
Zenith Bank                          Nigeria                         4.4%
Kuwait Food                          Kuwait                          4.2%
Qatar National Bank                  Qatar                           4.0%
Mobile Telecommunications            Kuwait                          3.8%
Emaar Properties                     United Arab Emirates            3.6%
Dragon Oil                           Turkmenistan                    3.3%
KazMunaiGas Exploration Production   Kazakhstan                      3.1%
BRD                                  Romania                         3.1%
Halyk Bank                           Kazakhstan                      2.9%
Square Pharmaceuticals               Bangladesh                      2.8%

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

Markets
In April, the MSCI Frontier Market Index returned 5.7%, outperforming
mainstream Emerging Markets which returned 0.3%.

The UAE and Qatar were strong during the month. Investors in Qatar and UAE have
been eagerly anticipating the inclusion in the Emerging Markets index at the
end of the month. However, we are less excited.

The event has been exceptionally well flagged and many investors have
positioned for the event well ahead of time.

Liquidity, driven almost exclusively by local retail investors, has increased
substantially.  Qatar is now trading $300m a day up from $60m a year ago, while
the UAE is now often trading in excess of $1bn a day, up 50-fold from daily
volumes we saw just 18 months ago.  

We note that valuations in some UAE stocks are unusually high, and we are
becoming increasingly concerned by the rapid rise in certain share prices.

We much prefer the large number of Frontier Markets, where the macro-economic
situation is robust or improving, companies are growing fast, and valuations
are compelling. While no investment in Frontier Markets is without risk, we
would highlight that Bangladesh, Romania, Saudi Arabia and Sri Lanka are
looking particularly interesting at present.

Portfolio
In April the Company returned 5.1%, underperforming the index by 0.6% (all
calculations in US dollar terms with new income reinvested).

The underperformance can be almost entirely attributed to an underweight
position in the UAE. As we have noted above, the market is suffering from an
excess of exuberance where, with a handful of exceptions, valuations do not
reflect the underlying earnings profile.

Bangladesh was the largest contributor to performance in April. The Company has
been well positioned in terms of stock selection with positive contributions
coming from stocks in the health care, consumer and telecoms sector. The market
has been driven by the easing of political problems and large current account
surplus which is driving liquidity and keeping interest rates stable and low.

Activity
The Company initiated a new position in UK listed industrial, APR Energy. APR
Energy is the second largest global provider of temporary power solutions, with
the vast majority of earnings derived from Frontier Market companies. APR won a
sizeable contract in Libya, which will form the majority of revenues this year.
The stock price performed poorly particularly as a major strategic shareholder
sold down their exposure. We have been monitoring the stock as a potential
investment and given valuations had now fallen to an attractive level amidst
improving competitive dynamics in the industry, the risk/reward ratio appeared
favourable.

The Company sold down the position in SABIC, as the valuations appeared full
following a 25% rally

Outlook
The Company continues to see significant upside to many Frontier Markets. There
are a wide variety of stocks in countries as diverse as Bangladesh, Iraq,
Romania, Pakistan, Saudi Arabia, Sri Lanka and Kyrgyzstan that offer
significant growth, value and yield. While the economic and indeed political
situations in many of these countries are not without risk, we feel that
valuations in these countries more than reflect the challenges of doing
business. We currently view Vietnam as a source of potential new opportunities.
This is driven by a combination of the country's growing status as a regional
manufacturing hub, an increase in domestic liquidity and attractive valuations.

20 May 2014

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.