Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 28 February 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                       4.8%    -3.9%    -6.6%    -4.1%   57.4%   27.9%
Net asset value                   0.8%     1.0%    -2.7%     6.3%   53.5%   33.3%
MSCI Frontiers Index (NR)         0.0%    -4.0%    -6.5%     9.6%   45.0%   20.6%
MSCI Emerging Markets
Index (NR)                        0.2%     0.3%    -1.5%    13.9%    2.3%   -0.4%

US Dollars:
Share Price                       7.9%    -5.2%   -13.1%   -11.5%   52.4%   27.1%
Net asset value                   3.8%    -0.3%    -9.5%    -2.0%   48.6%   32.3%
MSCI Frontiers Index (NR)         2.9%    -5.2%   -13.0%     1.1%   40.2%   19.5%
MSCI Emerging Markets
Index (NR)                        3.5%    -1.1%    -8.3%     5.0%   -1.0%   -1.3%

Sources: BlackRock and Standard & Poor's Micropal

* 17 December 2010.

At month end

US Dollar:
Net asset value - capital only:                        179.79c
Net asset value - cum income:                          179.82c
Sterling:
Net asset value - capital only:                        116.34p
Net asset value - cum income:                          116.36p
Share price:                                           113.50p
Total assets (including income):                       £175.3m
Discount to cum-income NAV:                               2.5%
Gearing:                                                   nil
Gearing range (as a % of gross assets):                  0-20%
Net yield*:                                               3.5%
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              31.0               Kuwait                     13.2
Telecommunications      16.9               Bangladesh                 11.0
Energy                  15.9               Pakistan                   10.2
Consumer Staples        11.3               Sri Lanka                   9.0
Industrials              6.6               Argentina                   6.3
Consumer Discretionary   6.3               Kazakhstan                  5.8
Health Care              5.9               Romania                     5.7
Utilities                3.9               Morocco                     5.2
Information Technology   2.5               Ukraine                     4.6
Materials                1.7               Saudi Arabia                4.0
                       -----               Nigeria                     3.7
Total                  102.0               Vietnam                     3.6
                       -----               Iraq                        3.6
Short positions         -1.6               Turkmenistan                2.6
                       =====               Oman                        2.6
                                           Belarus                     2.5
                                           Other                       8.4
                                                                     -----
                                           Total                     102.0
                                                                     -----
                                           Short positions            -1.6
                                                                     =====

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

Market Exposure

        31.03  30.04  31.05  30.06  31.07  31.08  30.09  31.10  30.11  31.12  31.01  28.02
         2014   2014   2014   2014   2014   2014   2014   2014   2014   2014   2015   2015
            %      %      %      %      %      %      %      %      %      %      %      %
Long    101.6  101.6   98.0  106.6  100.8   98.7  100.0   99.9   97.9   98.6  101.1  102.0
Short     1.7    2.0    1.7    1.7    1.6    1.6    0.8    1.5    2.8    2.6    1.6    1.6 
Gross   103.3  103.6   99.7  108.3  102.4  100.3  100.8  101.4  100.7  101.2  102.7  103.6
Net      99.9   99.6   96.3  104.9   99.2   97.1   99.2   98.4   95.1   96.0   99.5  100.4

Ten Largest Investments

Company                            Country of Risk        % of gross assets

Mobile Telecommunications          Kuwait                       5.7%
Kuwait Food                        Kuwait                       5.1%
MHP                                Ukraine                      4.6%
Square Pharmaceuticals             Bangladesh                   4.0%
Hub Power                          Pakistan                     3.9%          
United Bank                        Pakistan                     3.5%
BRD Societe Generale               Romania                      3.5%
Telecom Argentina                  Argentina                    3.3%
Hatton National Bank               Sri Lanka                    3.3%
United Commercial Bank             Bangladesh                   3.0%

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

Market Commentary

The MSCI Frontiers Index rose by 2.9% in February (on a US dollar basis with
net income reinvested), bringing to an end three successive negative months.

Argentina rallied 20%, reflecting investor optimism that the country will take
a more reformist path post the Presidential elections due in October. There
will be a new Argentine president as incumbent, Christina De Kirchner
Fernandez, cannot run again after serving the maximum 8 year term.

The oil price rallied 16% in February which gave succour to many markets in oil
exporting nations: Saudi Arabia rose by 5%, Kuwait rallied 4%.  However, given
that the current price of around $60/bbl is substantially below levels seen
last summer, the pressure on those exporting countries with more fragile
macro-economic balances continues unabated.  Azerbaijan, Georgia, Nigeria and
Ukraine saw substantial currency devaluations this month.

Portfolio Commentary

BlackRock Frontiers Investment Trust plc's NAV rose by 3.8%, outperforming the
index by 0.9% (all calculations on a US dollar basis with net income
reinvested).

The strongest contributor to relative performance in February was the Eastern
European IT company, EPAM. At the end of the month EPAM announced results above
expectations with 25% growth in revenue, showing that the company continues to
take market share. 

Other positive contributors to performance included Sri Lankan financial,
Hatton National Bank, which rallied 14% after reporting strong year end results
showing improved cash collections and Cable and Wireless Communications which
rose nearly 20% over the month after releasing a strong trading update. 

Relative performance was negatively impacted by underweight positions in
Argentina as noted above, which saw very strong market performance. 

Portfolio Activity

We added to positions in Sri Lankan holdings taking the opportunity presented
by the sell off early in the month to increase positions at attractive prices. 

Portfolio Outlook

February returns were generally positive across the board, in line with equity
markets globally.   Across markets we continue to believe that lower oil prices
will be an overall positive for consumers. We are seeing multi-year low
inflation rates across a number of markets, allowing rate cuts which we believe
will stir domestic demand, creating growth for a number of our companies. 

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. 

17 March 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.