Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 31 MARCH 2011 and unaudited.

Performance at month end with net income reinvested
                        One month       Since launch*
Sterling:
Share price                 -9.7%              -9.5%
Net asset value             +3.6%              -4.3%
MSCI Frontiers Index        +2.8%              -6.4%
US Dollars:
Net asset value             +2.1%              -1.6%
MSCI Frontiers Index        +1.3%              -3.8%

Sources: BlackRock and Standard & Poor's Micropal

* 17 December 2010.

At month end
US Dollar
Net asset value - capital only:       148.68c
Net asset value - cum income:         150.34c

Sterling
Net asset value - capital only:        92.75p
Net asset value - cum income:          93.78p

Share price:                           90.50p

Total assets (including income):      £88.9m
Discount to capital only NAV:           2.4%
Gearing:                                  0%
Net yield:                               n/a
Ordinary shares in issue:         94,766,267

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

Financials                   25.6                  Qatar               13.0
Industrials                  21.3                Nigeria               12.3
Energy                       15.3                Ukraine                9.8
Consumer Staples             10.5             Kazakhstan                8.6
Telecommunications            8.7           Saudi Arabia                8.2
Materials                     6.9   United Arab Emirates                7.4
Consumer Discretionary        4.6                Romania                5.2 
Utilities                     3.8                 Kuwait                4.7
Health Care                   2.8                   Iraq                4.6
Net current assets            0.5                Croatia                4.4
                                                  Panama                4.0
                                                  Jordan                3.1
                                                Slovenia                2.1
                                              Pan Africa                2.1
                                               Argentina                2.0
                                                   Other                8.0
                                      Net current assets                0.5
                            -----                                     -----
                            100.0                                     100.0
                            =====                                     ===== 
*reflects gross market exposure from contracts for difference
(CFDs)

Ten Largest Equity Investments(in alphabetical order)

Company                       Country of Risk
Air Arabia                    United Arab Emirates
Copa Holdings                 Panama
Halyk Savings Bank            Kazakhstan
Hrvatski Telekomunikacije     Croatia
Kazmunaigas Exploration       Kazakhstan
MHP                           Ukraine
Qatar Electricity & Water     Qatar
Qatar Navigation              Qatar
Saudi Arabian Amiantit        Saudi Arabia
Zenith Bank                   Nigeria

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

Markets
The MSCI Frontiers Index was up 1.3% in March (in US Dollar terms). Performance
across regions was mixed with no one region significantly outperforming.
Bangladesh was the best performing market, up 12%, rebounding from the
significant underperformance which it showed YTD. Romania also significantly
outperformed, up 11%, continuing to add to gains already made this year
following continued macro-economic improvement. A number of markets across the
Middle East and North Africa including Qatar, Saudi Arabia, Tunisia and UAE saw
strong gains (up 5.6%, 10.5%, 10.2% and 10.9% respectively) as fears of
political disruption in these countries dissipated and local retail investors
took the opportunity to buy stocks at very attractive prices. Despite a rally
across some parts of the Middle East, those countries where political
instability continues to build performed poorly. 

Sub-Saharan African markets performed poorly, within which Kenya was the worst
performing market. The central bank raised interest rates unexpectedly, a sharp
U-turn from their previous loose fiscal stance, as rising oil prices led to
higher inflation expectations and increased fears over the funding of the
current account deficit. The Nigerian market fell as investors took profits in
advance of the Nigerian election process which starts in early April.

Performance
The BlackRock Frontiers Investment Trust NAV rose by 2.1% in March (in US
Dollar terms), again showing strong performance relative to the Index.

The portfolio was positioned well across geographies. Overweight positions in
Romania and Saudi Arabia together with underweight positions in Kuwait,
Argentina and Kenya contributed strongly to performance.

Stocks which outperformed this month included Qatar utility stock, Qatar
Electricity and Water, which rebounded from oversold levels as the Qatar
government reaffirmed their $125bn development spending plans. UAE construction
company, Arabtec, rose along with the overall UAE market as fears of political
instability dissipated and strong signs of recovery in the non-oil sector of
the economy emerged. Romanian holding company, SIF 2 Moldova, rallied on
macro-economic improvements and ongoing talk of a BCR stake sale.

Detractors from performance included Ukrainian agricultural company, Kernel,
which fell as the company raised capital to complete an acquisition and
Firstbank of Nigeria which fell as investors took profits in the run up to results.

Activity
The Company is currently holding positions in 46 stocks across 18 markets. As of
31st March, the Company was fully invested.

Over the month the Company has increased exposure to Nigeria on the view that
stocks had sold off too aggressively in advance of the elections. The Company
initiated small positions in Pakistan where we see an improvement in
macro-economic activity and invested in a stock trading below replacement
value. In Argentina, we bought a company with US dollar revenues which trades
on a PE of 9x with an 8% dividend yield.

Outlook
It is our view that Frontier Markets offer the most attractive opportunity
within the broader emerging market universe. The combination of the countries
in the world with the fastest growth, the best demographics and the lowest debt
/GDP ratios should prove to be highly supportive. We note that equity
valuations in the investment trust are low compared to both emerging markets
and developed markets despite the far higher corporate earnings growth
prospects. Following a period of significant under performance, we would not be
surprised to see increased capital allocation towards the asset class during
2011.

Despite some signs of political tension dissipating, we continue to watch the
Middle East very closely. Our expectation is that Saudi Arabia, UAE and Qatar,
given their wealth, will be relatively unimpacted by the challenges facing
other countries in the region. Despite having benefited from the rally seen
over the last month, we continue to believe that valuations are extremely
compelling. We remain cautious on the outlook for those markets where a regime
change has taken place or is likely to take place, such as Tunisia and Bahrain.
That said should our relatively benign political view change, we will act in
shareholders' interests and reduce the fund's exposure to the Middle East
region.

The Company's portfolio will remain underweight Kuwait, where valuations are expensive and
growth prospects are less compelling and Bangladesh, where despite the
significant market correction, stocks still look expensive. In contrast, we
continue to look to add positions in South East Asia and sub-Saharan Africa.

Overall, we strongly believe that the outlook for frontier markets as an asset
class is robust and we see significant upside for the holdings in the Company's portfolio.

11 April 2011

ENDS

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). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.