Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 31 August 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                     -2.4%    4.0%     2.8%   15.5%   76.8%   37.0%
Net asset value                  1.9%    0.9%     9.3%   16.5%   66.1%   37.1%
MSCI Frontiers Index (NR)        0.7%    1.7%    17.2%   24.4%   51.8%   28.9%
MSCI EM Markets (NR)             4.0%    8.1%    15.6%   11.8%   11.4%    1.1%
US Dollars:
Share Price                     -3.9%    3.0%     1.8%   24.0%   80.5%   46.2%
Net asset value                  0.3%   -0.1%     8.3%   25.1%   69.6%   46.2%
MSCI Frontiers Index (NR)       -0.9%    0.7%    16.2%   33.6%   54.8%   37.3%
MSCI EM Markets (NR)             2.3%    7.0%    14.5%   20.0%   13.6%    7.7%

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

At month end
US Dollar:
Net asset value - capital only:                        199.30c
Net asset value - cum income:                          203.23c
Sterling:
Net asset value - capital only:                        120.00p
Net asset value - cum income:                          122.36p
Share price:                                           124.50p
Total assets (including income):                       £184.3m
Premium to cum-income NAV:                                1.7%
Gearing:                                                   nil
Gearing range (as a % of gross assets):                  0-20%
Net yield*:                                               1.1%
Ordinary shares in issue:                          150,621,621
Ongoing charges**:                                        1.6%
Ongoing charges plus taxation and performance fee:        2.6%

*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 was completed on 29
September 2013.  If this dividend had been paid as a final dividend for 2013,
the Company's yield would be 2.7%.
**Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs for the year ended 30 September
2013.
 
Benchmark

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

Financials              30.3               Kuwait                     13.1
Energy                  16.3               Nigeria                     9.6
Consumer Staples        14.7               Pakistan                    7.9
Telecommunication       12.7               Saudi Arabia                7.3
Consumer Discretionary   8.0               Kazakhstan                  7.0
Industrials              6.6               Bangladesh                  6.9
Health Care              4.8               Sri Lanka                   6.3
Materials                2.8               Romania                     5.9
Utilities                2.5               Oman                        5.4
                       -----               Iraq                        4.8
Total                   98.7               Ukraine                     4.3
                       -----               Vietnam                     4.3
Short positions         -1.6               Argentina                   4.1
                       =====               Turkmenistan                3.0
                                           Morocco                     2.7
                                           Slovenia                    2.1
                                           Other                       4.0
                                                                     -----
                                           Total                      98.7
                                                                     =====
                                           Short positions            -1.6
                                                                     =====

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

Market Exposure

      30.09 31.10 30.11 31.12 31.01 28.02 31.03 30.04 31.05 30.06 31.07 31.08
       2013  2013  2013  2013  2014  2014  2014  2014  2014  2014  2014  2014
          %     %     %     %     %     %     %     %     %     %     %     %

Long   98.8 100.4 100.5 103.3  96.6 101.8 101.6 101.6  98.0 106.6 100.8  98.7
Short   1.4   1.6   1.6   1.5   1.7   1.8   1.7   2.0   1.7   1.7   1.6   1.6 
Gross 100.2 102.0 102.1 104.8  98.3 103.6 103.3 103.6  99.7 108.3 102.4 100.3
Net    97.4  98.8  98.9 101.8  94.9 100.0  99.9  99.6  96.3 104.9  99.2  97.1
                                                                                          
Ten Largest Investments

Company                        Country of Risk            % of gross assets

Kuwait Food                        Kuwait                       5.6%
Mobile Telecommunications          Kuwait                       5.1%
Halyk Bank                         Kazakhstan                   4.2%
Zenith Bank                        Nigeria                      4.2%
BRD Societe Generale               Romania                      3.4%
MHP                                Ukraine                      3.3%
Bank Muscat                        Oman                         3.2%
Dragon Oil                         Turkmenistan                 3.0%
Genel Energy                       Iraq                         2.9%
KazMuniGas Exploration Production  Kazakhstan                   2.8%

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

Market Performance

During August, the MSCI Frontier Market Index declined by 0.9%, underperforming
mainstream Emerging Markets which were up by 2.3%. Over the course of 2014,
Frontier Markets have returned 21% which compares to an Emerging Market return
of 11%. (All calculations in US dollars with net income reinvested.)

Bangladesh was the strongest performer in August, rising nearly 12%. Data from
July demonstrated that the economy was boosted by record remittances which rose
nearly 20% to $1.4 billion. Despite improving economic conditions, several
Bangladeshi banks are attractively valued and trade below book value.

Saudi Arabia continued its strong run during August as the Tadawul returned
8.8%. The market remains buoyant due to the recent government decision to open
up the stock market fully to qualified foreign investors.

Ukraine was the weakest performer over the month as the crisis in the East of
the country continued.

Argentina was also weak during the month. Risk appetite in the country declined
as prospects receded of an agreement with 'hold-out' investors dating from the
2001 sovereign debt default. 

Company Performance

The Company's NAV per share returned 0.3%, outperforming the benchmark by 1.2%.
(All calculations in US dollar basis with net income reinvested.)

Positions in Vietnam contributed to both absolute and relative positive
performance. A notable contributor to relative performance was the country's
biggest listed confectionary manufacturer, Kinh Do. The stock price rose on
anticipation that sales of the traditional 'moon-cake' ahead of the mid-autumn
festival were stronger than expected.

The underweight position in Argentina contributed meaningfully to relative
performance during the month. In August, relations between the two sides of the
sovereign debt dispute deteriorated with a resolution no nearer.

Detracting from performance over the month were positions in Pakistan. The
Pakistani market had its biggest daily drawdown since 2009 in August, after
opposition leader Imran Khan announced a protest march against alleged rigging
of 2013 elections, demanding the resignation of current PM Nawaz Sharif. The
market recovered as the Army mediated talks between the opposing parties, while
stressing the importance of "democratic and political means of resolving the
situation". Pakistan's economic trajectory remains positive inspite of
political tensions, as the country continues to execute on the IMF programme.

Portfolio Activity

At the end of August, the Company is invested in 45 stocks in 23 markets,
including 2 short positions.

We took profits in Argentine headquartered internet company, Mercadolibre
following strong price performance. Mercadolibre is eBay's equivalent in Latin
America and enjoys considerable leverage to rising internet penetration and
online retail.

Outlook

In general Frontier Markets remain more sensitive to indigenous economic and
political developments than their Emerging Market peers. We note markets as
diverse as Argentina, Bangladesh Saudi Arabia and Vietnam, which have rallied
strongly this year for disparate domestic reasons.

We remain underweight in Nigeria, where market performance may be constrained
by a lacklustre earnings outlook, pressure on the currency and reserves amidst
risks of economic disruption from both security and Ebola concerns.
Nevertheless, we believe Nigerian financials offer exceptional long term value
- considering the strong deposit franchises and highly liquid, well-capitalized
balance sheets of the leading Nigerian banks.

We remain overweight in Kazakhstan. The Kazakhstan banking system is at the
final innings of a prolonged restructuring and the gradual removal of
non-performing assets should ease financing conditions for the private sector
and release liquidity.  The Company holds the financial stock Halyk Bank, which
is likely to see further upgrades to consensus earnings expectations. Second
quarter results saw profits rise by nearly 50% compared to the previous year.
We believe that Halyk Bank is significantly undervalued at six times current
year earnings. While current year profits are forecast to be more than double
2007 peak levels, the share price is 50% lower.

15 September 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 BlackRock's website (or any other
website) is incorporated into, or forms part of, this announcement.