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: [phone]

29 July 2014