Interim Management Statement

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

Interim Management Statement - period from 1 October to 31 December 2013

To the members of The 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 October 2013 to
31 December 2013, 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          As at
                     30 September       31 October    30 November    31 December
                             2013             2013           2013           2013
Sterling                                                                        
Share Price                110.00           114.00         112.00         114.50
Net Asset Value 
per share                  104.64           107.42         108.74         111.27
Premium to cum  
income NAV                   5.1%             6.1%           3.0%           2.9%
                                                                                
US Dollar                                                                       
Share Price                178.13           183.15         183.46         189.64
Net Asset Value
per share                  169.45           172.70         178.26         184.22
Premium to cum  
income NAV                   5.1%             6.1%           2.9%           2.9%

Performance

                                                                                
                                                                                
                         Month to       Month to        Month to       Launch to
                       31 October    30 November     31 December     31 December
                             2013           2013          2013**          2013**                             
Sterling                                                                        
Share price   
performance*                 3.6%          -1.8%            2.2%           24.6%
NAV performance*             2.6%           1.2%            2.3%           23.3%
MSCI Frontiers 
Index (NR)*                  3.3%          -0.2%            1.1%            6.6%
MSCI EM Markets (NR)*        5.7%          -3.4%           -2.5%           -8.4%

US Dollar                                                                       
NAV performance*             1.9%           3.2%            3.3%           31.0%
MSCI Frontiers  
Index (NR)*                  2.5%           1.8%            2.2%           13.3%
MSCI EM Markets  
Index (NR)                   4.9%          -1.5%           -1.4%           -2.7%

*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 31 December 2013 (in alphabetical order)

Company                       Country of Risk                   % of gross assets
                                                                                 
Zenith Bank                   Nigeria                                        5.3%
Aldar Properties              United Arab Emirates                           5.1%
Emaar Properties              United Arab Emirates                           3.7%
Halyk Bank                    Kazakhstan                                     3.5%
Qatar National Bank           Qatar                                          3.3%
Dragon Oil                    Turkmenistan                                   3.1%
Qatar Gas Transport           Qatar                                          3.1%
Doha Bank                     Qatar                                          3.0%
Kuwait Food                   Kuwait                                         3.0%
Square Pharmaceuticals        Bangladesh                                     3.0%

Financial position as at 31 December 2013
                                                                              
Gross Assets (£m)                                                        £167.6m
Ordinary Shares in Issue                                             150,621,621
Actual Gearing                                                               Nil
Premium to cum-income NAV                                                   2.9%
Average discount (based on cum inc NAV) over the period since launch       (0.6%)
Average premium (based on cum inc NAV) over the quarter to    
31 December 2013                                                            3.1%

Market Exposure

                      31.10         30.11         31.12
                       2013          2013          2013
                          %             %             %
                                                       
Long                  100.4         100.5         103.3
Short                   1.6           1.6           1.5
Gross                 102.0         102.1         104.8
Net                    98.8          98.9         101.8

Portfolio Analysis as at 31 December 2013

Benchmark           Gross assets    Country Analysis   Gross assets 
                            (%)*                               (%)*         
Sector Analysis                                                    
                                                                   
Financials                   34.2   United Arab Emirates       13.4
Energy                       16.5   Nigeria                    12.4
Consumer Staples             12.6   Saudi Arabia               10.9
Health Care                   9.6   Qatar                       9.4
Telecommunication             8.9   Bangladesh                  7.3
Industrials                   8.6   Kazakhstan                  5.9
Materials                     6.5   Kuwait                      5.5
Consumer Discretionary        4.4   Pakistan                    4.7
Utilities                     2.0   Iraq                        4.4
                            -----   Oman                        3.8
TOTAL                       103.3   Sri Lanka                   3.5
                            -----   Ukraine                     3.2
Short positions              -1.5   Vietnam                     3.2
                            -----   Turkmenistan                3.1
                                    Slovenia                    2.3
                                    Pan Africa                  2.1
                                    Panama                      1.9
                                    Kyrgyzstan                  1.5
                                    Romania                     1.4
                                    Estonia                     1.3
                                    Croatia                     1.3
                                    Argentina                   0.8
                                                              -----
                                    TOTAL                     103.3
                                                              -----
                                    Short positions            -1.5
                                                              -----

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

Material Events & Transactions

Annual Report

The Company announced its annual results for the year ended 30 September 2013
on 26 November December 2013.

Annual General Meeting

The Company's third Annual General Meeting was held on 3 February 2014. All
resolutions were passed.

Performance

The BlackRock Frontiers Investment Trust NAV increased by 23.3% over the period
from launch to 31 December 2013 and the share price increased by 24.6% against
a MSCI Frontier Index movement of 6.6%.  For the three months since the date of
the annual report to 31 December 2013, the Company's NAV rose by 6.3%, the
share price by 4.1%, and the MSCI Frontier Index increased by 4.2%.  Since the
quarter end 31 December 2013 to 31 January 2014 the share price has increased
by 0.7% and the Company's NAV rose by 2.5% in comparison with a MSCI Frontier
Index movement of 1.6% (all performance figures calculated in sterling terms
with net income reinvested).  Over the period since launch to the date of this
announcement the Company's shares have traded at an average discount of 0.6%,
and at 31 January 2014 were trading at a premium to the cum-income NAV of
1.1%. 

Activity

At 31 December 2013, the Company was fully invested, with positions in 51
stocks across 22 markets.    

The Board is not aware of any other material events or transactions occurring
between 1 October 2013 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/itson
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: [phone]

3 February 2014