Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 31 March 2015 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                      -0.7%     3.9%   -11.5%    -1.1%   47.5%   27.0%
Net asset value                   0.9%     3.9%    -4.3%     7.6%   50.1%   34.5%
MSCI Frontiers Index (NR)         2.2%     1.8%    -7.4%     8.2%   44.7%   23.2%
MSCI Emerging Markets
Index (NR)                        2.6%     7.4%     6.6%    12.8%    8.6%    2.2%

US Dollars:
Share Price                      -4.6%    -1.1%   -19.0%   -11.9%   37.2%   21.3%
Net asset value                  -3.1%    -1.1%   -12.3%    -4.2%   39.6%   28.2%
MSCI Frontiers Index (NR)        -1.9%    -3.1%   -15.2%    -3.6%   34.5%   17.3%
MSCI Emerging Markets
Index (NR)                       -1.4%     2.2%    -2.4%     0.4%    0.9%   -2.7%

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

At month end
US Dollar:
Net asset value - capital only:                        172.08c
Net asset value - cum income:                          174.26c
Sterling:
Net asset value - capital only:                        115.91p
Net asset value - cum income:                          117.38p
Share price:                                           112.75p
Total assets (including income):                       £176.8m
Discount to cum-income NAV:                               3.9%
Gearing:                                                   nil
Gearing range (as a % of gross assets):                  0-20%
Net yield*:                                               3.7%
Ordinary shares in issue:                          150,621,621
Ongoing charges**:                                        1.5%
Ongoing charges plus taxation and performance fee:        1.5%
 
*The Company's yield based on dividends announced in the last 12 months as at
the date of the release of this announcement is 3.5% and includes the 2014
final dividend of 4.00 cents per share declared on 1 December 2014, payable to
shareholders on 20 February 2015 and the 2014 interim dividend of 2.25 cents
per share announced on 20 May 2014 and paid to shareholders on 4 July 2014.
**Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs for the year ended 30 September
2014.

Benchmark

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

Financials              33.7               Bangladesh                 11.9
Telecommunications      16.4               Kuwait                     11.5
Energy                  16.3               Pakistan                    9.6
Consumer Staples        13.2               Sri Lanka                   9.3
Consumer Discretionary   7.0               Argentina                   6.9
Health Care              6.2               Kazakhstan                  6.4
Industrials              5.6               Nigeria                     6.3
Utilities                3.9               Romania                     5.7
Information Technology   2.5               Morocco                     5.2
Materials                1.6               Ukraine                     4.8
                       -----               Vietnam                     4.1
Total                  106.4               Saudi Arabia                3.6
                       -----               Turkmenistan                3.0
Short positions         -1.7               Iraq                        2.8
                       =====               Oman                        2.6
                                           Belarus                     2.5
                                           Slovenia                    2.0
                                           Other                       8.2
                                                                     -----
                                           Total                     106.4
                                                                     -----
                                           Short positions            -1.7
                                                                     =====

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

Market Exposure

           30.04 31.05 30.06 31.07 31.08 30.09 31.10 30.11 31.12 31.01 28.02 31.03
            2014  2014  2014  2014  2014  2014  2014  2014  2014  2015  2015  2015
               %     %     %     %     %     %     %     %     %     %     %     %
Long       101.6  98.0 106.6 100.8  98.7 100.0  99.9  97.9  98.6 101.1 102.0 106.4
Short        2.0   1.7   1.7   1.6   1.6   0.8   1.5   2.8   2.6   1.6   1.6   1.7
Gross      103.6  99.7 108.3 102.4 100.3 100.8 101.4 100.7 101.2 102.7 103.6 108.1
Net         99.6  96.3 104.9  99.2  97.1  99.2  98.4  95.1  96.0  99.5 100.4 104.7
 
Ten Largest Investments

Company                            Country of Risk        Gross assets %

MHP                                Ukraine                      4.8%
Mobile Telecommunications          Kuwait                       4.8%
Kuwait Foods (Americana)           Kuwait                       4.4%
Square Pharmaceuticals             Bangladesh                   4.2%
Hub Power                          Pakistan                     3.9%          
Banco Macro                        Argentina                    3.5%
BRD Societe Generale               Romania                      3.4%
Telecom Argentina                  Argentina                    3.4%
Halyk Savings Bank                 Kazakhstan                   3.3%
United Bank                        Pakistan                     3.3%

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

Market Commentary

The MSCI Frontiers Index returned -1.9% during March (on a US dollar basis with
net income reinvested).

Nigeria performed well, rising by over 10%, following the election victory of
former military ruler Muhammadu Buhari of the APC party. This marked the first
democratic transition of power between parties in Africa's biggest country and
investors recognised the symbolism of such an event.

Argentina also performed well during the month, rallying 15%. The market is
increasingly expecting October's elections to produce a more market friendly
administration.

The largest index constituent, Kuwait, underperformed during the month as
events in Yemen weighed on broader middle-eastern sentiment.

Pakistan was also weak during March, falling by 12%, despite continued optimism
surrounding the country's medium term economic trajectory.  The sell-off
appeared to be prompted by short-term technical factors surrounding the
liquidation of a particular fund, and the anticipated placing of local
large-cap Habib Bank. Banks underperformed after the central bank cut its key
interest rate by 0.5 per cent, to a 13 year low, in a bid to give the country's
improving economy further momentum.

Portfolio Commentary

BlackRock Frontiers Investment Trust plc's NAV fell by 3.1%, underperforming
the index by 1.2% (all calculations on a US dollar basis with net income
reinvested).

Our exposure to oil exploration and production names in Northern Iraq
negatively impacted relative performance in March. Investors have been
concerned that the ongoing conflict has placed stress on the fiscal positions
of both the administrations in Baghdad and Kurdistan. However, while risks
remain, the prospect of operators in the region receiving payments is higher
than the current share price implies.

Partially offsetting relative underperformance were underweight positions in
Kuwait and stock selection in Pakistan.

The impact of our underweight position in Nigeria was muted by exposure to the
dominant banking franchise, Zenith Bank.

Portfolio Activity

We opened a new position in Saudi retailer, Jarir. Jarir is Saudi's largest
retailer of books, stationery and electronics with 36 retail stores. The
company also has a business-to-business wholesale division supplying stationery
to corporates. The company has exclusive rights to translate 2,700 bestselling
English language books into Arabic, operating their own E-book store ("Jarir
Reader") with 200,000 titles.

Portfolio Outlook

We believe that the recent election results in Nigeria are likely to be
beneficial for the country. While many challenges remain (not least the war in
the north east, a currency that appears overvalued and ongoing corruption
concerns), the opportunity for positive change with genuinely new leadership is
enormous. We note that the entire market capitalisation of all of Nigeria is
circa $45bn (£30bn), a mere fraction of the country's official GDP and a sum
roughly equal to one mid-tier UK FTSE 100 / S&P 500 corporate. Within Nigeria
we think the banking sector has tremendous long term potential and trades at
inexpensive relative and absolute valuations.

Elsewhere, the framework agreement between the international community and Iran
is an incremental positive, despite many complicated technical details which
still need to be dealt with before June. In the near term we should see a
reduction of the risk-premium associated with the historic hostility between US
and Iran. This is especially true for middle-eastern equities.

Overall, we believe that Frontier Markets represent a compelling opportunity
for long-term investors.   The combination of the countries with the fastest
growing GDP, the best demographic profiles, the lowest government debt and a
substantial commodity endowment where it is possible to invest in companies on
some of the lowest valuations in the world provides an unrivalled investment
opportunity.  The low correlation between frontier markets and all developed
and emerging markets mean that the inclusion of a Frontier Markets fund within
a portfolio can bring significant diversification benefits. 

20 April 2015

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.