Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 31 May 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                      1.7%     -1.2%     8.0%    14.7%   42.0%   31.7%
Net asset value                  4.8%      8.3%    12.8%    15.8%   44.6%   35.9%
MSCI Frontiers Index (NR)        6.7%     15.3%    20.1%    16.4%   38.4%   26.8%
MSCI EM Markets (NR)             4.2%      6.9%    -0.5%    -5.8%   -7.0%   -6.5%
US Dollars:
Share price                      1.0%     -1.1%    10.6%    26.9%   44.8%   42.0%
Net asset value                  4.1%      8.4%    15.4%    28.2%   47.4%   46.3%
MSCI Frontiers Index (NR)        6.0%     15.4%    23.0%    28.8%   41.0%   36.4%
MSCI EM Markets (NR)             3.5%      7.0%     1.9%     4.3%   -5.2%    0.6%

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

At month end
US Dollar:
Net asset value - capital only:               199.97c
Net asset value - cum income:                 205.72c
Sterling:
Net asset value - capital only:               119.22p
Net asset value - cum income:                 122.65p
Share price:                                  121.00p
Total assets (including income):              £187.0m
Discount to cum-income NAV:                      1.3%
Gearing:                                         1.2%
Gearing range (as a % of gross assets):         0-20%
Net yield*:                                      1.1%
Ordinary shares in issue:                 150,621,621
 
*The Company's yield based on dividends announced in the last 12 months as at
the date of the release of this announcement is 1.1% and includes the 2014 
interim dividend of 2.25 cents per share announced on 20 May 2014 and payable 
to shareholders on 4 July 2014. However, as previously announced, a special 
dividend of 3.40c per share (representing the Company's earnings for the period 
from 1 April 2013 to 30 September 2013) was paid early in 2013 to avoid revenue 
dilution as a result of the Company's C-Share issue which completed on 29 September 
2013.  If this dividend had been paid as a final dividend for 2013, the Company's 
yield would be 2.9%.

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

Financials              25.7               Kuwait                      9.6
Energy                  17.9               Nigeria                     9.1
Telecommunications      16.8               Bangladesh                  7.6
Consumer Staples        12.4               Saudi Arabia                6.8
Health Care              6.6               Kazakhstan                  6.6
Consumer Discretionary   6.4               Pakistan                    6.3
Industrials              5.3               Romania                     5.7
Materials                4.7               Oman                        5.3
Utilities                2.2               United Arab Emirates        5.3
                       -----               Sri Lanka                   4.9
Total                   98.0               Iraq                        4.9
                       -----               Ukraine                     4.7
Short positions         -1.7               Vietnam                     3.2
                       =====               Turkmenistan                3.0
                                           Argentina                   2.9
                                           Qatar                       2.4
                                           Slovenia                    2.3
                                           Pan Frontiers               1.5
                                           Panama                      1.3
                                           Kyrgyzstan                  1.3
                                           Estonia                     1.2
                                           Morocco                     1.1
                                           Croatia                     1.0
                                                                     -----
                                                                      98.0
                                                                     =====
                                           Short positions            -1.7
                                                                     =====

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

Market Exposure

      30.06 31.07 31.08 30.09 31.10 30.11 31.12 31.01 28.02  31.03  30.04 31.05   
       2013  2013  2013  2013  2013  2013  2013  2014  2014   2014   2014  2014                             
          %     %     %     %     %     %     %     %     %      %      %     %                        
Long   95.9 103.2  98.9  98.8 100.4 100.5 103.3  96.6  101.8 101.6  101.6  98.0
Short   2.5   3.0   3.3   1.4   1.6   1.6   1.5   1.7    1.8   1.7    2.0   1.7
Gross  98.4 106.2 102.2 100.2 102.0 102.1 104.8  98.3  103.6 103.3  103.6  99.7
Net    93.4 100.2  95.6  97.4  98.8  98.9 101.8  94.9  100.0  99.9   99.6  96.3
                                                                                       
Ten Largest Equity Investments
Company                              Country of Risk        % of gross assets

Mobile Telecommunications            Kuwait                       5.1%
Zenith Bank                          Nigeria                      4.8%
Kuwait Food                          Kuwait                       4.2%
Halyk Bank                           Kazakhstan                   3.8%
Emaar Properties                     United Arab Emirates         3.6%
MHP                                  Ukraine                      3.6%
BRD                                  Romania                      3.2%
Dragon Oil                           Turkmenistan                 3.0%
Bank Muscat                          Oman                         2.8%
KasMunaiGas Exploration Production   Kazakhstan                   2.8%
 
Commenting on the markets, Sam Vecht, representing the Investment Manager
noted:

Markets

The MSCI Frontier Market Index returned 6.0% in May, outperforming mainstream
Emerging Markets by 2.5% (all calculations in US dollars with net income
reinvested).

The strong performance of the index was in part driven by the exuberance of
investors in Qatar and the United Arab Emirates ahead of the transition from
Frontier to Emerging Market status, with both markets rising between 10 to 11%
during the month.

The Nigerian market rallied strongly in May, rising 8% over the month. Despite
tightening bank liquidity, treasury bill rates in Nigeria rates have declined
with the high rates attracting carry trade flows amidst softening inflation.
Nevertheless, the outlook for the Nigerian Naira remains challenged with
continued deterioration in foreign exchange reserves, which fell US$1.2bn in
May, and declined by US$11.2bn over the last 12 months. Following the
transition of Qatar and UAE as mentioned above, Nigeria now commands a higher
weighting in the MSCI Frontier Market Index.

Portfolio

The Company underperformed the MSCI Frontier Market Index in May, returning
4.1% compared to 6.0% for the index (on a US dollar basis with net income
reinvested).

The portfolio's underweight position in Qatar and UAE was a significant
relative detractor. The increase in valuations in Qatar and UAE damaged
relative performance as the transition date (into MSCI Emerging Markets)
approached. However, we have highlighted many times that we will not put our
clients' money at risk by investing in stocks we believe are significantly
overvalued just because they command a particular weight in an index. As such,
the portfolio did not own a number of the stocks that were displaying
bubble-like valuations while they were in the MSCI Frontier Market Index. We
note that post the transition stocks which were formerly large weights in the
index have corrected significantly including Arabtec (-38%) and Abu Dhabi
Commercial Bank (-23%) in the UAE and Masraf Al Rayan (-20%) in Qatar.

The Company's holdings in Ukraine contributed positively in May.  Despite
persistent negative headlines surrounding escalation of violence and
secessionist referenda and the continuing impact on the economy, much of the
bad news was already priced into stocks.

There has been much attention on the deteriorating security situation in Iraq,
which had a negative impact on our exposure to energy companies with
significant interests in the Kurdish region of Iraq. We have a different view -
the Kurdish region remains secure and well-defended, and it no longer relies on
Iraqi government routes outside its territory for exports. The Iraqi government
increasingly requires Kurdish co-operation to ensure Iraqi stability and this
is likely to ease government opposition to continued production growth from the
region.  Hence, we remain positive on these companies.

Activity

As previously indicated, we sold a substantial proportion of the Company's
holdings in Qatar and the UAE. As the time of writing, the Company holds no
locally listed stocks in either market. The Company has reinvested the capital
in Nigeria, Pakistan, Romania and Saudi Arabia.

We added to positions in Ukraine, specifically MHP, a Ukrainian poultry
producer and a long-term holding of the Company, to benefit from the
depreciation of the Hryvna as the majority of its cost base is denominated in
the local currency, whilst 40% of revenues are derived from exports. The
operations are not disrupted and the stock offers good value trading below 5x
price to normalized earnings.

We have also added to holdings in Romania, in particular financial BRD, which
is a significant overweight position. BRD's underlying franchise is
underpriced, with the stock valued on under 4x pre provision profit. Earnings
are likely to normalize as legacy asset quality problems have been increasingly
provided for following a period of restructuring.

Outlook

We remain positive on many Frontier Markets, particularly those in South Asia
and Eastern Europe, where macro-economic prospects are improving and where
valuations are still compelling. While no investment in Frontier Markets is
without risk, we highlight Bangladesh, Romania, Saudi Arabia and Sri Lanka as
particularly interesting at present.

For example, we view Sri Lanka as a compelling investment opportunity:
investments in road, power and port infrastructure should promote supply-driven
economic growth; necessary adjustments to the currency and tariffs have helped
reduce the current account deficit making the external position more
sustainable. Hatton National Bank, which is a core holding for us, is valued at
just 7x forward price to earnings and 1x forward price to book valuations.
While the market is less liquid compared to other Frontier Markets, we expect
this to improve over time.

18 June 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.