Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 31 July 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                     7.0%     8.3%    11.9%     16.7%   61.0%   40.3%
Net asset value                -0.2%     3.7%     6.4%     11.1%   51.3%   34.5%
MSCI Frontiers Index (NR)       3.0%     7.7%    18.0%     18.3%   44.1%   28.0%
MSCI EM Markets (NR)            3.2%     8.3%    12.6%      3.6%   -1.6%   -2.8%
US Dollars:
Share Price                     5.7%     8.3%    14.9%     29.9%   65.8%   52.2%
Net asset value                -1.5%     3.7%     9.4%     23.7%   55.8%   45.8%
MSCI Frontiers Index (NR)       1.7%     7.7%    21.3%     31.7%   48.2%   38.6%
MSCI EM Markets (NR)            1.9%     8.3%    15.7%     15.3%    1.2%    5.3%

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

At month end
US Dollar:
Net asset value - capital only:                        198.98c
Net asset value - cum income:                          202.71c
Sterling:
Net asset value - capital only:                        117.86p
Net asset value - cum income:                          120.07p
Share price:                                           127.50p
Total assets (including income):                       £180.9m
Premium to cum-income NAV:                                6.2%
Gearing:                                                   nil
Gearing range (as a % of gross assets):                  0-20%
Net yield:                                                1.0%
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 2.6%.
** 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                     12.5
Energy                  17.4               Nigeria                    12.2
Telecommunications      12.7               Pakistan                    7.6
Consumer Staples        12.5               Saudi Arabia                6.8
Consumer Discretionary   8.7               Bangladesh                  6.6
Industrials              6.4               Sri Lanka                   6.2
Health Care              5.2               Romania                     5.8
Materials                2.9               Iraq                        5.8
Utilities                2.5               Oman                        5.3
Information Technology   2.2               Kazakhstan                  5.1
                       -----               Ukraine                     4.6
Total                  100.8               Argentina                   4.2
                       -----               Vietnam                     3.6
Short positions         -1.6               Turkmenistan                2.8
                       =====               Morocco                     2.7
                                           Brazil                      2.2
                                           Other                       6.8
                                                                     -----
                                                                     100.8
                                                                     =====
                                           Short positions            -1.6
                                                                     =====

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

Market Exposure

       31.08 30.09 31.10 30.11 31.12 31.01 28.02 31.03 30.04 31.05 30.06 31.07
        2013  2013  2013  2013  2013  2014  2014  2014  2014  2014  2014  2014
           %     %     %     %     %     %     %     %     %     %     %     %
Long    98.9  98.8 100.4 100.5 103.3  96.6 101.8 101.6 101.6  98.0 106.6 100.8
Short    3.3   1.4   1.6   1.6   1.5   1.7   1.8   1.7   2.0   1.7   1.7   1.6 
Gross  102.2 100.2 102.0 102.1 104.8  98.3 103.6 103.3 103.6  99.7 108.3 102.4
Net     95.6  97.4  98.8  98.9 101.8  94.9 100.0  99.9  99.6  96.3 104.9  99.2

Ten Largest Equity Investments

Company                            Country of Risk         % of gross assets

Kuwait Food                        Kuwait                       5.5%
Mobile Telecommunications          Kuwait                       4.8%
Zenith Bank                        Nigeria                      4.7%
Genel Energy                       Iraq                         3.9%
Halyk Bank                         Kazakhstan                   3.7%
MHP                                Ukraine                      3.5%
BRD                                Romania                      3.5%
Herfy Food Services                Saudi Arabia                 3.2%
Bank Muscat                        Oman                         3.1%
Dragon Oil                         Turkmenistan                 2.8%

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

Markets

In July, the MSCI Frontier Markets Index returned 1.7%, performing broadly in
line with mainstream Emerging Markets. (All calculations in US dollars with net
income reinvested.)

Saudi Arabia was the strongest performing market during the month, rising 7%.
The market cheered as the government approved the full opening of the stock
market to qualified foreign investors by the first half of 2015.

Argentina performed well, rising 6% despite defaulting on its debt for the
second time in 15 years. This default was markedly different to the 2001
episode. Unlike then, Argentina did have the ability to meet its obligations
but elected not to; the unwillingness to pay stems from the legal demands for
payment from the holders of un-restructured bonds from 2001. A long-running
legal dispute between Argentina and the 'hold-outs' precipitated the default.

Sri Lanka continued its strong run of performance, rising 6% in July as
economic reforms progressed. The Colombo All-share index is now up 17% this
year. The performance of the stock market reflects favourable economic and
liquidity conditions, with GDP expected to grow 7% this year, yet with a
significant moderation in inflation.

Kazakhstan also performed well, following a 12% share price rally in index
heavyweight, Kazmunaigas (KMG). The state owned oil major announced that they
had received a 'highly preliminary approach' from its parent company to buy out
minority shareholders at $18.95 per GDR. This implied a 15% premium to the
share price prior to the announcement.

Bulgaria was one of the weaker performers during July, falling a further 5%,
after falling 10% in June, following the collapse of the country's fourth
largest lender. Although the rest of the banking sector remains
well-capitalised, the Bulgarian National Bank entered into talks with the
European Central Bank with a view to joining the European Single Supervisory
Mechanism (SSM).

Portfolio

In July, the BlackRock Frontiers Investment Trust returned -1.5%,
underperforming the benchmark by 3.2%(on a US dollar basis with net income
reinvested).

The largest detractors to relative performance were positions in companies with
oil exploration exposure to Iraq. Gulf Keystone fell nearly 30% over the month,
reversing a rise of 20% in June. The deteriorating security situation in Iraq
weighed on investor sentiment. This has not changed our positive view on the
portfolio's exposures in Northern Iraq.

Ukrainian food producer, MHP, was also a detractor. The stock corrected in
sympathy with renewed Russian tensions following the tragic crash of Malaysian
Airlines Flight 17, near the Russian-Ukrainian border. In addition, the stock
reacted to a government proposal to reduce agricultural subsidies available to
the company; the proposal was subsequently changed to exclude changes to the
agricultural tax regime.

Pakistan and Kuwait were positive contributors to performance. The Company's
new position in the Pakistan financial, United Bank Ltd, performed well,
following the privatization in June.  The Company's largest position, Kuwait
Food (also known as Americana) was a strong performer following bid speculation
from private equity groups. The has held the position since inception, given
the material undervaluation of Kuwait Food's pan-regional quick service
restaurant franchise relative to regional and global peers. Kuwait Food's share
price declined in both 2011 and 2012, before rising by 150%, reminding us of
the adage that it is often challenging to predict the exact timing of when the
prices of undervalued stocks finally catch up with their deserved rating.

Activity

The Company initiated a position in Kazakhstan oil major Kazmunaigas, given the
high likelihood of a minority buyout from the parent company. The presence of
independent directors is likely to ensure a favourable outcome for minority
shareholders. We also reduced the position in Argentinian Financial, Banco
Macro, following the strong share price run and the benign share price reaction
to the Argentinian default.

Outlook

Record low bond yields have been anchored by declining US treasury issuance
amidst quantitative easing, which is likely to end completely this year. While
sovereign bond yields are likely to remain anchored by a low interest rate
regime, previous shifts in the Federal Reserve's monetary regime have been
turbulent for high yield credit assets and economies that are dependent on
foreign bond financing. High yield credit issuance has hit record levels in
recent months - US$133bn alone in the second quarter of 2014, while issuance of
covenant light loans has grown exponentially.

Saudi Arabia has been the largest overweight position in the Company for a
considerable period of time. The opening up of the Saudi stock market to
qualified foreign participation does not surprise us. Saudi Arabia has been
quietly reforming its capital markets and business environment. There is
tremendous scope for increased foreign participation in the market from current
low levels given the depth of available sectors, liquidity, and fairly high
dividend yield and pay-out ratios. The potential impact in coming years will be
comparable to that of Asian markets such as Korea and India when they opened up
to foreign ownership in the early 1990s. Like Saudi Arabia, both stock markets
were substantially under-represented in global indices and capital pools
despite the scale of the markets.

20 August 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.