Interim Management Statement

BLACKROCK FRONTIERS INVESTMENT TRUST PLC Interim Management Statement - period from 1 April to 30 June 2014 To the members of BlackRock Frontiers Investment Trust plc This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure & Transparency Rules. It should not be relied on by any other party for any other reason. This interim management statement relates to the period from 1 April 2014 to 30 June 2014, and contains information that covers this period, and up to the date of publication of this interim management statement. The Company's investment objective is to achieve long term capital growth from investment in companies operating in Frontier Markets or whose stocks are listed on the stock markets of such countries. Share price, NAV and share rating As at As at As at 30 June 31 March 31 December 2014 2014 2013 Sterling Share Price 119.13p 118.00p 114.50p Net Asset Value per share 120.35p 112.80p 111.27p (Discount)/premium to cum income NAV (1.0%) 4.6% 2.9% US Dollar Share Price 203.71c 196.74c 189.64 Net Asset Value per share 205.80c 188.07c 184.22 (Discount)/premium to cum income NAV (1.0%) 4.6% 2.9% Based on an exchange rate of 1.7100 (31 March 2014: 1.6673; 31 December 2013: 1.6556) Performance Quarter to Quarter to Quarter to 31 Launch to 30 June 31 March 31 December 30 June 2014 2014 2013 2014** Sterling Share price performance* 2.1% 3.1% 4.1% 31.1% NAV performance* 7.9% 1.4% 6.3% 34.8% MSCI Frontiers Index (NR)* 9.1% 6.7% 4.2% 24.2% MSCI EM Markets (NR)* 3.9% -1.1% -0.4% -5.8% US Dollar Share price performance* 4.7% 3.7% 6.5% 44.1% NAV performance* 10.6% 2.1% 8.7% 48.0% MSCI Frontiers Index (NR)* 11.9% 7.4% 6.6% 36.2% MSCI EM Markets Index (NR)* 6.6% -0.4% 1.8% 3.3% *Net asset value returns are calculated on cum-income NAVs and based on the assumption that dividends are reinvested on the ex-dividend date. Share price performance is calculated using closing mid-prices and based on the assumption that dividends are reinvested on the ex-dividend date. Benchmark indices are calculated on a net return (NR) basis with net income reinvested. When calculated on a net return basis, dividends are treated as reinvested after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. **The Company launched on 17 December 2010. Sources: BlackRock and Standard & Poor's Micropal Ten Largest Equity Investments at 30 June 2014(in alphabetical order) Company Country of Risk % of gross assets Kuwait Food Kuwait 5.1% Zenith Bank Nigeria 4.8% Mobile Telecommunications Kuwait 4.7% Halyk Bank Kazakhstan 3.9% BRD Romania 3.7% MHP Ukraine 3.6% Genel Energy Iraq 3.4% Banco Macro Argentina 3.2% Dragon Oil Turkmenistan 3.1% Bank Muscat Oman 3.0% Financial position as at 30 June 2014 Total Assets (£m) £181.3m Ordinary Shares in Issue 150,621,621 Actual Gearing nil Gearing range (as a % of gross assets) 0-20% Discount to cum-income NAV 1.0% Net yield* 1.1% *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 2.8%. Market Exposure 30.6.2014 31.3.2014 31.12.2013 % % % Long 106.6 101.6 103.3 Short 1.7 1.7 1.5 Gross 108.3 103.3 104.8 Net 104.9 99.9 101.8 Portfolio Analysis as at 30 June 2014 Benchmark Sector Analysis Gross assets(%)* Country Analysis Gross assets(%)* Financials 31.2 Nigeria 12.2 Energy 18.2 Kuwait 11.8 Telecommunications 14.5 Pakistan 8.4 Consumer Staples 12.6 Bangladesh 7.7 Consumer Discretionary 7.8 Saudi Arabia 7.0 Industrials 7.2 Iraq 6.1 Health Care 6.9 Romania 6.1 Materials 3.6 Kazakhstan 6.0 Utilities 2.4 Sri Lanka 5.7 Information Technology 2.2 Oman 5.5 ---- Argentina 7.3 Total 106.6 Ukraine 4.8 ----- Vietnam 3.7 Short positions -1.7 Turkmenistan 3.1 ===== Morocco 2.5 Slovenia 2.4 Other 6.3 ----- 106.6 ===== Short positions -1.7 ===== *reflects gross market exposure from contracts for difference (CFDs) Material Events & Transactions Alternative Investment Fund Managers Directive The Company announced on 2 July 2014 that it had entered into the arrangements necessary to ensure compliance with the AIFMD, with the appointment of BlackRock Fund Managers Ltd ("BFM") as the Company's alternative investment fund manager (the "AIFM") on the terms of and subject to the conditions of a new investment management agreement between the Company and BFM. BFM was approved as an AIFM by the UK's Financial Conduct Authority on 1 May 2014. The Company's existing investment management agreement between the Company and BlackRock Investment Management (UK) Limited ("BIMUK"), which was not authorised as an AIFM, was terminated with effect from 2 July 2014. The arrangements in respect of the management fee and performance fee remain unchanged. The Board has also appointed BNY Mellon Trust & Depositary (UK) Limited (the "Depositary") to act as the Company's depositary (as required by the AIFMD) on the terms and subject to the conditions of a depositary agreement between the Company, BFM and the Depositary. BIMUK continues to act as company secretary to the Company. Half yearly Report The Company announced its half yearly results for the six months ended 31 March 2014 on 20 May 2014. Dividend An interim dividend of 2.25 US cents per share was paid on 4 July 2014 to shareholders on the Company's register on 6 June 2014. Performance The BlackRock Frontiers Investment Trust NAV increased by 34.8% over the period from launch to 30 June 2014 and the share price rose by 31.1%. For the three months since the date of the half yearly report to 30 June 2014, the Company's NAV rose by 7.9% and the share price rose by 2.1% (all performance figures calculated in sterling terms with net income reinvested). Over the period since launch the Company's shares have traded at an average discount of 0.5% and at 30 June 2014 were trading at a discount to the cum-income NAV of 1.0%. Dealing by Directors Ms Ruddick sold 12,810 ordinary shares at a price of 118.25p per share on 2 July 2014 and repurchased 12,300 ordinary shares at a price of 121.80p per share on 3 July 2014. Activity At 30 June 2014, the Company was fully invested, with positions in 52 stocks across 22 markets. Net Asset Values The Company announces its NAV on a daily basis, which can be accessed via http://www.blackrock.co.uk/brfi, under the "News" tab. The unaudited net asset value for BlackRock Frontiers Investment Trust plc at close of business on 28 July 2014 was 203.27 cents (119.56 pence). The Board is not aware of any other material events or transactions occurring between 30 June 2014 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. Latest information is available by typing www.blackrock.co.uk/its on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal). Contact details: Sarah Beynsberger BlackRock Investment Management (UK) Limited, Company Secretary Tel: 020 7743 2639 29 July 2014

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