Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 31 October 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                     -3.4%     -1.2%     7.1%    11.8%   81.2%   38.6%
Net asset value                 -4.0%      0.2%     4.0%    13.3%   68.5%   34.8%
MSCI Frontiers Index (NR)       -3.1%      0.7%     8.4%    21.8%   54.8%   28.8%
MSCI EM Markets (NR)             2.5%      1.1%     9.5%     1.1%   11.0%   -1.7%

US Dollars:
Share Price                     -4.7%     -6.4%     1.4%    11.3%   79.8%   42.6%
Net asset value                 -5.3%     -5.0%    -1.5%    12.7%   67.2%   38.5%
MSCI Frontiers Index (NR)       -4.4%     -4.6%     2.8%    21.3%   53.4%   32.2%
MSCI EM Markets (NR)             1.2%     -4.2%     3.7%     0.6%   10.0%    0.9%

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

At month end
US Dollar:
Net asset value - capital only:                        188.18c
Net asset value - cum income:                          192.53c
Sterling:
Net asset value - capital only:                        117.63p
Net asset value - cum income:                          120.35p
Share price:                                           126.00p
Total assets (including income):                       £181.3m
Premium to cum-income NAV:                                4.7%
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 2.8%.
**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              29.5               Kuwait                     13.2
Consumer Staples        17.1               Bangladesh                  8.8
Energy                  14.7               Pakistan                    8.6
Telecommunication       13.7               Sri Lanka                   7.2
Consumer Discretionary   8.1               Saudi Arabia                7.1
Industrials              6.9               Nigeria                     6.8
Health Care              5.4               Kazakhstan                  6.7
Utilities                3.0               Oman                        5.8
Materials                1.5               Ukraine                     5.6
                       -----               Romania                     5.4
Total                   99.9               Argentina                   5.3
                       -----               Vietnam                     4.3
Short positions         -1.5               Iraq                        3.6
                       -----               Morocco                     3.1
                                           Turkmenistan                2.9
                                           Slovenia                    2.1
                                           Other                       3.4
                                                                     -----
                                                                      99.9
                                                                     =====
                                           Short positions            -1.5
                                                                     =====

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

Market Exposure

      30.11 31.12 31.01 28.02 31.03 30.04 31.05 30.06 31.07 31.08 30.09 31.10
       2013  2013  2014  2014  2014  2014  2014  2014  2014  2014  2014  2014
          %     %     %     %     %     %     %     %     %     %     %     %
Long  100.5 103.3 96.6  101.8 101.6 101.6  98.0 106.6 100.8  98.7 100.0  99.9
Short   1.6   1.5  1.7    1.8   1.7   2.0   1.7   1.7   1.6   1.6   0.8   1.5 
Gross 102.1 104.8 98.3  103.6 103.3 103.6  99.7 108.3 102.4 100.3 100.8 101.4
Net    98.9 101.8 94.9  100.0  99.9  99.6  96.3 104.9  99.2  97.1  99.2  98.4

Ten Largest Investments

Company                            Country of Risk       % of gross assets

Kuwait Food                        Kuwait                       5.6%
Mobile Telecommunications          Kuwait                       5.1%
MHP                                Ukraine                      4.9%
Halyk Bank                         Kazakhstan                   3.8%
Bank Muscat                        Oman                         3.5%
Banco Macro                        Argentina                    3.3%
Square Pharmaceuticals             Bangladesh                   3.3%
Zenith Bank                        Nigeria                      3.2%
BRD Societe Generale               Romania                      3.1%
Maroc Telecom                      Morocco                      3.1%
 
Commenting on the markets, Sam Vecht, representing the Investment Manager
noted:

Market Performance

During October, the MSCI Frontier Market Index returned -4.4% (on a US dollar
basis with net income reinvested), in the first significantly negative month
since June 2013.

Having strongly outperformed MSCI Emerging Markets in September, rising by 0.4%
vs a fall of 7.6%, Frontier Markets were unable to sustain this
outperformance.  Investors' attention was focussed on whether current global
growth is sufficiently strong to be self-sustaining as the Federal Reserve's
Quantitative Easing programme is brought to a close with the move in the US
bond market and the crude oil price suggesting that this was not current
consensus. 

The decline in the price of oil had implications for a number of Frontier
Markets. Oil exporting countries came under pressure as the oil price declined.
For the last 4 years oil prices have been remarkably stable, trading in a
steady range between $90/bbl and $120/bbl. The oil price has moved through the
bottom of this range in recent weeks. From the beginning of September to the
end of October the spot oil price fell nearly 20% to around $84/bbl.

In this environment, Nigeria was one of the weakest performers.  Whilst Nigeria
attempts to maintain a pegged exchange rate to the USD, a sustained lower oil
price will put pressure on foreign exchange reserves.  With presidential
elections due to be held in February, investors were concerned that the Central
Bank would not raise interest rates enough to offset capital outflows.

Beneficiaries of the oil price move include Bangladesh. The market performed
well in October as external balances improved. Foreign exchange reserves hit a
record high in October, buoyed by a reduced energy import bill, higher exports
and a rebound in remittances. 

Company Performance

In October, the Company's NAV per share returned -5.3%, underperforming the
benchmark by 0.9%. (All calculations on a US dollar basis with net income
reinvested.)

The Company's underweight position in Nigeria was beneficial for relative
performance. The underweight position has been driven by the increasing
build-up of imbalances in the Nigerian economy and the policy of the central
bank to attempt to defend the currency. The recent drop in the oil price has
exposed these dynamics. However, we have often highlighted that we are
comfortable with taking appropriately priced risk. As the Nigerian market and
currency falls, the price at which these assets become interesting comes ever
closer.

Company positions in Saudi Arabia were also positive contributors to relative
performance. Despite the oil price move, Saudi is a stronger position than
Nigeria to weather the lower price environment. Although the government budget
will likely move into deficit at an oil price of $85/bbl, a large pool of
savings and low debt mean that the pressure to tighten fiscal policy is low,
although this situation will be unable to persist indefinitely.

Iraqi positions were detractors from performance during the month. The security
situation in the North of country has placed pressure on the fiscal position of
the Kurdistan region, impacting the cash flow of operators in the region.

Portfolio Activity

We added to the position in Bangladeshi biscuit producer, Olympic Industries. 
The company has a superior distribution model, benefitting from its greater
scale and cheaper financing, relative to peers.  Despite this, we see the
valuation as attractive, with a growth potential comparable to mainstream
Emerging Markets such as India and Turkey.

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 and diverse macroeconomic
factors.  What is also notable is the stronger export performance of several
Frontier Markets compared to their emerging peers, partly aided by low labour
costs and relatively under developed manufacturing sectors.  Vietnam's exports
for instance have risen 14% for the year to August compared to the same period
in 2013, an especially strong performance in the context of other Asian
markets. 

The portfolio remains underweight in Nigeria, where market performance may be
constrained by a lacklustre earnings outlook and pressure on the currency and
reserves particularly in the context of a weaker and more volatile oil price
than we have seen for the last few years. 

21 November 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.