Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 31 January 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                      -0.3%   -12.0%   -13.1%    -2.8%   59.7%   22.0%
Net asset value                   2.1%    -2.0%    -1.7%     4.6%   60.1%   32.2%
MSCI Frontiers Index (NR)        -0.4%    -6.4%    -5.8%    11.2%   46.7%   20.5%
MSCI EM Markets (NR)              4.4%     1.1%     2.2%    15.1%    6.9%   -0.6%
US Dollars:
Share Price                      -3.9%   -17.4%   -22.6%   -11.1%   52.1%   17.8%
Net asset value                  -1.6%    -7.9%   -12.5%    -4.4%   52.5%   27.5%
MSCI Frontiers Index (NR)        -4.1%   -12.2%   -16.2%     1.6%   39.7%   16.1%
MSCI EM Markets (NR)              0.2%    -5.4%    -9.4%     4.9%    1.4%   -4.6%

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

At month end
US Dollar:
Net asset value - capital only:                        173.16c
Net asset value - cum income:                          173.30c
Sterling:
Net asset value - capital only:                        115.29p
Net asset value - cum income:                          115.38p
Share price:                                           108.25p
Total assets (including income):                       £173.8m
Discount to cum-income NAV:                               6.2%
Gearing:                                                   nil
Gearing range (as a % of gross assets):                  0-20%
Net yield*:                                               3.6%
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 3.6% 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              30.4               Kuwait                     11.9
Energy                  16.5               Pakistan                   11.0
Telecommunications      15.5               Bangladesh                 10.5
Consumer Staples        12.6               Sri Lanka                   8.3
Industrials              6.6               Romania                     6.0
Consumer Discretionary   6.0               Kazakhstan                  5.8
Health Care              5.8               Morocco                     5.6
Utilities                4.0               Argentina                   5.2
Information Technology   2.0               Ukraine                     4.9
Materials                1.7               Saudi Arabia                4.1
                       -----               Iraq                        4.0
Total                  101.1               Vietnam                     3.9
                       -----               Nigeria                     3.8
Short positions         -1.6               Turkmenistan                3.1
                       =====               Oman                        2.8
                                           Algeria                     2.1
                                           Belarus                     2.0   
                                           Other                       6.1
                                                                     -----
                                           Total                     101.1
                                                                     -----
                                           Short positions            -1.6
                                                                     =====

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

Market Exposure

      28.02 31.03 30.04 31.05  30.06 31.07 31.08 30.09 31.10 30.11 31.12 31.01
       2014  2014  2014  2014   2014  2014  2014  2014  2014  2014  2014  2015
          %     %     %     %      %     %     %     %     %     %     %     %
                                                                                          
Long  101.8 101.6 101.6  98.0  106.6 100.8  98.7 100.0  99.9  97.9  98.6 101.1
Short   1.8   1.7   2.0   1.7    1.7   1.6   1.6   0.8   1.5   2.8   2.6   1.6 
Gross 103.6 103.3 103.6  99.7  108.3 102.4 100.3 100.8 101.4 100.7 101.2 102.7
Net   100.0  99.9  99.6  96.3  104.9  99.2  97.1  99.2  98.4  95.1  96.0  99.5

Ten Largest Investments

Company                            Country of Risk        % of gross assets

Kuwait Food                        Kuwait                       4.9%
MHP                                Ukraine                      4.7%
Mobile Telecommunications          Kuwait                       4.6%
United Bank                        Pakistan                     4.0%
Hub Power                          Pakistan                     4.0%
Square Pharmaceuticals             Bangladesh                   3.9%
BRD Societe Generale               Romania                      3.7%
Maroc Telecom                      Morocco                      3.3%
Dragon Oil                         Turkmenistan                 3.1%
Hatton National Bank               Sri Lanka                    2.9%

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

Market Performance

The MSCI Frontier Index fell by 4.1% in January (on a US dollar basis with net
income reinvested).

Pakistan was one of the strongest performing markets during the month, rising
by 6% in USD terms. A virtuous circle of a lower import bill, lower inflation
and strengthening currency allowed the central bank to cut interest rates and
buoyed the market in January. The Pakistani rupee is one of only a handful of
currencies which have appreciated against the US dollar over the past few
months, which has acted as a tailwind for foreign investor returns.

Kazakhstan underperformed during January, falling by 23% in USD.  Kazakhstan
generates 80% of its export revenues from oil and investors are therefore
concerned that a devaluation of the tenge is imminent in light of the fall in
the oil price.

Nigeria also underperformed in January, falling by 17% in USD terms.  Given
that Nigeria generates more than 90% of its export revenues from oil, the
recent fall in prices has put substantial pressure on the currency where the
central bank has historically maintained a soft peg to the US dollar.  Many
investors expected a further devaluation of the naira after the elections which
were due to take place on 14 February 2015. However, the postponement of the
elections until March and the continuation of foreign exchange reserves
depletion to support the naira, increase the chances of a larger than expected
devaluation. 

Portfolio Commentary

In January, the Company's NAV per share fell by 1.6%, outperforming the index
by 2.5%. (All calculations on a US dollar basis with net income reinvested.)

The Company benefitted from an overweight position in Sri Lanka. Sri Lanka held
presidential elections in January in which the incumbent President Rajapaksa
was unseated in favour of Maithripala Sirisena.  To quote from The Economist:
"It is a triumph for democracy".  The new government is technocratic in nature
and we expect the country to continue to improve its macro-economic position. 

We also benefited from positions in Saudi Arabia, where we have seen a smooth
transition of power following the death of King Abdullah.  King Salman is
expected to continue to promote a reform agenda.  The CMA, the local regulator,
has confirmed that Saudi Arabia remains on track to open its financial markets
to foreign investors in the first half of 2015. 

We continue to run a substantial underweight position, of more than 10% in
Nigeria. This has been a strong contributor to relative performance. As
mentioned above, the headwinds of the oil price and the political environment
have been negative for the market.  In local currency, we believe that the
stocks are starting to trade on interesting valuations, however, we remain
concerned about the possibility of a meaningful further devaluation in the
naira. 

Detracting from performance were positions in Kazakhstan. Oil producer,
Kazmunaigas, fell after talks concerning a takeover bid from its parent company
stalled. We believe that both parties may return to the negotiating table at
some point in the future and we retain the position. 

Portfolio Activity

We opened a new position in Pan-Frontiers telecom company, Global Telecom. The
company announced that it has completed a deal to sell a stake in its Algerian
operations, Djezzy, to the Algerian government. The deal should enable Global
Telecom to pay down a significant portion of its debt and refinance the
remainder at more favourable rates of interest.

Portfolio Outlook

Whilst the MSCI Frontier Markets Index has had another difficult month, we
would highlight that the fall in oil prices is an overall positive for
consumers in Frontier Markets.  We are starting to see pockets of opportunity
where recent share price movements have meant that valuations are now
reflecting the current lower oil prices and expect to position the portfolio
accordingly. 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 means that the inclusion of a Frontier Markets
fund within a portfolio can bring significant diversification benefits. 

20 February 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.