Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 31 August 2013 and unaudited.

Performance of ordinary share portfolio at month end with net income reinvested

                                  One      Three      Six      One   Since
                                month     months   months     year  launch*
Sterling:
Share price                     -1.4%       3.3%    13.6%    47.8%   18.6%
Net asset value                 -2.8%       0.3%     9.0%    35.3%   17.7%
MSCI Frontiers Index (NR)       -4.2%      -4.9%     4.3%    25.9%    3.6%
MSCI EM Markets (NR)            -3.7%      -8.9%   -12.0%     3.2%   -9.5%
US Dollars:
Net asset value                 -0.8%       2.4%    11.1%    31.8%   16.9%
MSCI Frontiers Index (NR)       -2.3%      -2.9%     6.3%    22.6%    2.8%
MSCI EM Markets (NR)            -1.7%      -7.0%   -10.3%     0.5%  -10.3%

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

At month end
Ordinary Shares
US Dollar:
Net asset value - capital only:               164.11c
Net asset value - cum income:                 164.30c
Sterling:
Net asset value - capital only:               106.10p
Net asset value - cum income:                 106.22p
Share price:                                  109.00p
Total assets (including income):              £100.7m
Premium to cum-income NAV:                       2.6%
Gearing:                                          nil
Gearing range (as a % of gross assets):         0-20%
Net yield*:                                      4.7%
Ordinary shares in issue:                  94,766,267

*Yield calculations are based on dividends announced in the last 12 months as
at the date of the release of this announcement, including the 2012 final
dividend per share of 2.60 cents per share (1.64557 pence per share) announced
on 30 November 2012, the 2013 interim dividend of 2.00 cents per share and the
special interim dividend of 3.40 cents per share announced on 30 May 2013,
payable to shareholders on 5 July 2013. The interim and special dividends
announced on 30 May 2013 that total 5.40 cents per share (3.45003 pence per
share) are the total dividends for the financial year ending 30 September 2013.
The special dividend represents the final dividend which is normally paid in
March each year.  Therefore, a more accurate indication of the projected yield
for the financial year to 30 September 2013 would be 3.2% (based on the latest
available share price as at the date of this announcement of 109.00 pence per
share). The Board does not currently anticipate any further distributions for
the current financial year.

C Shares**
US Dollar:
Net asset value - capital only:                    145.36c
Net asset value - cum income:                      145.51c
Sterling:
Net asset value - capital only:                     93.98p
Net asset value - cum income:                       94.07p
Share price:                                      100.875p
Total assets (including income):                    £59.8m
Premium to cum-income NAV:                            7.2%
Gearing:                                               nil
Gearing range (as a % of gross assets):                 0%
Net yield:                                             nil
C shares in issue:                              63,566,000

** admitted to trading on 31 July 2013. As announced on 17 September 2013, and
as at the close of business on  16 September 2013, over 85 per cent. of the net
proceeds of the recent issue of  C Shares have been invested in a portfolio of
securities consistent with the Company's investment policy. The rights
attaching to the C Shares provide that the Company has 10 business days
following the date on which it is informed that over 85% of the net proceeds
have been invested in which to determine the Net Asset Values ("NAVs") of the C
Share and Ordinary Share asset pools, on which basis the Conversion Ratio will
be calculated, the date of such determination being the "Calculation Date".  
In the absence of unforeseen circumstances the Company expects the Calculation
Date to fall on 18 September 2013 and the Record Date for the transaction to
fall on 20 September 2013. It is expected that the listing of the C Shares will
be suspended at 7.30 a.m. on 23 September 2013.  The Company intends to make a
further announcement in due course setting out the conversion ratio applying to
the conversion of C Shares into Ordinary Shares and the expected date when such
conversion will occur.

The following relates specifically to the ordinary share portfolio.

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

Financials              34.3               Qatar                      12.4
Consumer Staples        16.5               Nigeria                    11.8
Energy                  12.7               United Arab Emirates       11.2
Telecommunication       12.6               Saudi Arabia                9.8
Healthcare               8.6               Bangladesh                  7.4
Industrials              8.0               Kazakhstan                  5.7
Consumer Discretionary   3.3               Iraq                        4.7
Utilities                1.5               Kuwait                      4.2
Materials                1.4               Vietnam                     4.0
                       -----               Ukraine                     3.8
                        98.9               Oman                        3.5
Total                  -----               Sri Lanka                   3.3
Short positions         -3.3               Pakistan                    2.4
                       =====               Turkmenistan                2.4
                                           Croatia                     2.2
                                           Panama                      2.1
                                           Pan Africa                  2.0
                                           Slovenia                    1.9
                                           Argentina                   1.8
                                           Cambodia                    1.1
                                           Other                       1.2
                                                                     -----
                                                                      98.9
                                                                     =====
                                           Short positions            -3.3
                                                                     =====
*reflects gross market exposure from contracts for difference (CFDs)

Market Exposure

       30.09  31.10  30.11  31.12  31.01  28.02 31.03 30.04 31.05 30.06 31.07 31.08       
        2012   2012   2012   2012   2013   2013  2013  2013  2013  2013  2013  2013 
           %      %      %      %      %      %     %     %     %     %     %     %
Long    99.1  101.0  102.0  103.4  105.1  104.1  99.5  99.2  99.8  95.9 103.2  98.9       
Short    2.6    4.2    4.9    5.2    3.5    1.2   1.2   1.2   1.1   2.5  3.0    3.3       
Gross  101.7  105.2  106.9  108.6  108.6  105.3 100.7 100.4 100.9  98.4 106.2 102.2       
Net     96.5   96.8   97.1   98.2  101.6  102.9  98.3  98.0  98.7  93.4 100.2  95.6       

Ten Largest Equity Investments

Company assets                       Country of Risk            % of gross

Zenith Bank                          Nigeria                       4.6%
Doha Bank                            Qatar                         4.0%
Emaar Properties                     United Arab Emirates          4.0%
Qatar National Bank                  Qatar                         3.7%
Halyk Savings Bank                   Kazakhstan                    3.2%
Qatar Gas Transportation             Qatar                         3.1%
Square Pharmaceutical                Bangladesh                    2.8%
Abdullah Al Othaim                   Saudi Arabia                  2.7%
Kinh Do Corp                         Vietnam                       2.6%
Kazmunaigas Exploration              Kazakhstan                    2.5%
 
Commenting on the markets, Sam Vecht, representing the Investment Manager
noted:

Market overview

After having risen 16.9% year to date, the MSCI Frontier Market Index declined
2.3% in August (calculations on a US Dollar basis with net income reinvested).

The stand-out performer was Argentina, which rose over 12% as official data for
Latin America's third largest economy continued to improve, particularly within
the agriculture sector which is recovering from the drought of 2012.   An
unfavourable ruling in the 12 year-old legal battle with holders of defaulted
bonds ('holdouts') from 2001 and an increase in populist fiscal measures cast a
shadow across the country's fortunes but did not dampen the positive
sentiment. 

Romania also performed well in August. The country agreed a new arrangement
with the International Monetary Fund (IMF) which will increase monetary
stability and underpin the continued economic recovery in the region. The
country is also benefitting from the improvement in developed European
economies which remains a vital export market.

Of the larger Frontier Markets, Nigeria was the weakest performer after the
central bank tightened liquidity, by further increasing the cash reserve
requirement for the banking sector.  There is an increased likelihood that the
central bank will continue to tighten given the risks to the targeted exchange
rate from the weaker than expected oil production seen year to date. 

Portfolio overview

In August, the Company's NAV returned -0.8%, outperforming the benchmark by
1.5% (all calculations on a US Dollar Basis with net income reinvested).

The largest individual contributor to performance over the month was United
Arab Emirates hospital operator NMC Health. The company reported a 17% rise in
net profit for the first half of 2013, driven by higher occupancy levels. The
company is scheduled to open the first private maternity hospital in Abu Dhabi
in the first quarter of 2014.

Consumer cosmetics company, Marico Bangladesh, also performed well in August,
after announcing strong results which saw net profit increase by 62% over the
same period in 2012. During the year, the company's flagship brand "Parachute"
has maintained its leadership position in the branded coconut oil segment, and
margins benefitted from a decline in raw material prices.

Detracting from performance in August was Iraqi focused oil company,
Westernzagros after disappointing well test results.

Portfolio Activity

The Company is invested in 55 stocks in across 23 markets, including three
short positions.

The Company initiated a new position in Access Bank, believing the bank to be
well positioned in the current tight liquidity environment due to its strong
deposit base and expected liquidity injection towards year end as its AMCON
bonds are redeemed. 

Market Outlook

Whilst we have seen some profit taking in the best performing frontier markets
in August, we believe that the in the main, Frontier Markets remain
attractive.  Frontier Markets continue to trade at lower valuations than
mainstream Emerging Markets, despite offering similar, if not superior, growth
profiles.  In aggregate, the holdings of the BlackRock Frontier Markets
Investment Trust are trading on a forward price to earnings of under 9x and a
dividend yield in excess of 4%.

The virtues of Frontier Markets include world's fastest growing markets, with
stock markets that trade on attractive valuations and high dividend yields. The
combination of the countries with the best demographic profile, the lowest
government debt and a substantial commodity endowment 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. 

20 September 2013

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 the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.