Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 30 April 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                       1.1%     5.3%    -7.4%    -0.8%   52.3%   28.5%
Net asset value                   3.2%     4.9%     2.9%     7.0%   58.4%   38.7%
MSCI Frontiers Index (NR)         0.2%     2.4%    -4.2%     3.9%   48.8%   23.4%
MSCI Emerging Markets
Index (NR)                        4.0%     7.0%     8.2%    18.4%   16.3%    6.4%

US Dollars:
Share Price                       4.7%     7.8%   -11.0%    -9.7%   44.3%   26.9%
Net asset value                   6.8%     7.4%    -1.1%    -2.6%   50.1%   36.9%
MSCI Frontiers Index (NR)         3.8%     4.8%    -7.9%    -5.4%   40.8%   21.7%
MSCI Emerging Markets
Index (NR)                        7.7%     9.8%     3.9%     7.8%   10.0%    4.8%

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

At month end
US Dollar:
Net asset value - capital only:                        183.15c
Net asset value - cum income:                          186.09c
Sterling:
Net asset value - capital only:                        119.18p
Net asset value - cum income:                          121.09p
Share price:                                           114.00p
Total assets (including income):                       £182.4m
Discount to cum-income NAV:                               5.9%
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 3.7% and includes the 2014
final dividend of 4.00 cents per share declared on 1 December 2014, paid to
shareholders on 20 February 2015 and the 2015 interim dividend of 2.40 cents
per share announced on 18 May 2015 and payable to shareholders on 3 July 2015.
**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              36.5               Pakistan                   12.4
Energy                  15.4               Bangladesh                 10.9
Telecommunication       15.0               Kuwait                     10.4
Consumer Staples        13.2               Sri Lanka                   9.1
Consumer Discretionary   7.2               Kazakhstan                  7.1
Health Care              5.1               Nigeria                     6.5
Industrials              5.1               Argentina                   6.1
Utilities                3.6               Romania                     6.1
Materials                2.7               Ukraine                     5.0
Information Technology   2.1               Morocco                     4.8
                       -----               Vietnam                     4.1
Total                  105.9               Saudi Arabia                3.3
                       -----               Iraq                        3.2
Short positions         -1.7               Turkmenistan                3.0
                       =====               Oman                        2.4
                                           Belarus                     2.1
                                           Slovenia                    2.1
                                           Panama                      2.0
                                           Other                       5.3
                                                                     -----
                                           Total                     105.9
                                                                     -----
                                           Short positions            -1.7
                                                                     =====

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

Market Exposure

         31.05 30.06 31.07 31.08 30.09 31.10 30.11 31.12 31.01 28.02 31.03 30.04
          2014  2014  2014  2014  2014  2014  2014  2014  2015  2015  2015  2015
             %     %     %     %     %     %     %     %     %     %     %     %
Long      98.0 106.6 100.8  98.7 100.0  99.9  97.9  98.6 101.1 102.0 106.4 105.9
Short      1.7   1.7   1.6   1.6   0.8   1.5   2.8   2.6   1.6   1.6   1.7   1.7
Gross     99.7 108.3 102.4 100.3 100.8 101.4 100.7 101.2 102.7 103.6 108.1 107.6
Net       96.3 104.9  99.2  97.1  99.2  98.4  95.1  96.0  99.5 100.4 104.7 104.2

Ten Largest Investments

Company                            Country of Risk        % of gross assets

MHP                                Ukraine                      5.0%
Mobile Telecommunications          Kuwait                       4.1%
Kuwait Foods (Americana)           Kuwait                       3.9%
BRD Societe Generale               Romania                      3.8%
Hub Power                          Pakistan                     3.6%
United Bank                        Pakistan                     3.4%
Halyk Savings Bank                 Kazakhstan                   3.3%
Hatton National Bank               Sri Lanka                    3.1%
Banco Macro                        Argentina                    3.1%
Dragon Oil                         Turkmenistan                 3.0%

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

Portfolio

In April the BlackRock Frontier Investment Trust returned 6.8%, outperforming
the benchmark by 3.0% (on a US dollar basis with net income reinvested).

The strong performance was driven by positions in Pakistan, Iraq, Ukraine and
Romania.

The Pakistan market had been weak in the previous month but rebounded strongly
in April, rising by 11%, which benefited our holdings there.  We have been
increasing our exposure to Pakistan over the last 12 months to reach a 12.4%
weight at the end of April, the largest weight in the portfolio.  Our
preference for Pakistan is premised on the improving domestic economic
conditions as the government, under guidance from the IMF, have made progress
on economic reforms.   At the same time, the fall in oil prices has been a
tailwind to improving external balances.  After several years of collecting
low-cost deposits the Pakistani banks are well placed to meaningfully grow
their loan books going forward with improvements in the power sector as
hopefully spurring credit demand. We participated in the placing of the
government's stake in Habib Bank, and also took the opportunity during the
market sell off to add to our position in United Bank. However, we are mindful
of valuations and have been trimming positions in Pakistan post the market's
rally.

The oil price has stabilised in recent weeks and our positions in Iraq have
rebounded. The Iraqi-focussed oil company, DNO, rose by 43% in April in USD
terms and Genel rose by 38%.  The improvement in the price of oil reduces the
pressure of the fiscal positions of both the Erbil and Baghdad government. This
increases the prospects of operators in the area receiving payments for their
oil.

Ukrainian food processor, MHP, reported strong operating numbers despite the
difficult operating environment and the stock reacted positively rising by 22%
in USD terms. MHP's sales volumes increased by 18% during 2014 with chicken
meat exports increasing by 15%. EBITDA margins expanded to 40% from 26% a year
ago. The margins were predominantly a reflection of increased production
volumes (economies of scale) and lower production costs from consumption of low
priced crops harvested in 2013. Trading at 4.5 times price to earnings ratio,
substantially below peer valuations, we continue to believe that the company is
attractively valued. 

In Romania, we were rewarded for our patient holding of BRD Bank over the last
2 years.  BRD rose by 20% in USD terms in April after reporting results which
suggested that it is finally reaching the end of its provisioning cycle. 

Positive performance was partly offset by holdings in Bangladesh where the
market fell by 11% in April.  We were disappointed by the performance of United
Commercial Bank which fell by 10%, having already fallen by 18% in March. 
Bangladesh continues to suffer from economic disruption as a result of
heightened political tensions and a re-awakening of the issues which surrounded
the disputed 2014 general elections. 

Portfolio Activity

The Company initiated a position in Pakistan financial, Habib Bank, through
participating in the government placing of its stake in the bank.  Habib Bank
is the largest bank in Pakistan with assets of $19bn, 13% market share, and the
most extensive branch network in the country. Pakistani banks as well placed to
benefit from the improving macroeconomic conditions, which have been aided by
the fall in oil prices. Habib Bank is particularly capable of expanding its
loan book after several years of industry leading deposit growth resulting in a
loan-to-deposit ratio of just 39%.

20 May 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.