Portfolio Update

THE BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 30 JUNE 2011 and unaudited.

Performance at month end with net income reinvested

                    One month      Three months      Since launch*
Sterling:
Share price             -1.2%              1.2%             -8.4%
Net asset value         -0.5%             -2.3%             -6.5%
MSCI Frontiers Index     1.6%             -0.4%             -6.9%

US Dollars:
Net asset value         -3.0%             -2.1%            -3.7%
MSCI Frontiers Index    -0.9%             -0.3%            -4.1%

Sources: BlackRock and Standard & Poor's Micropal

* 17 December 2010.

At month end

US Dollar
Net asset value - capital only: 143.60c
Net asset value - cum income: 147.12c

Sterling
Net asset value - capital only: 89.45p
Net asset value - cum income: 91.64p
Share price: 91.63p

Total assets (including income): £86.9m
Premium 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                   29.4                  Nigeria                 13.6
Industrials                  21.4                  Qatar                   12.9 
Energy                       13.1                  Saudi Arabia            10.9
Consumer Staples             12.1                  Ukraine                  9.8
Materials                     7.3                  Kazakhstan               9.6
Telecommunications            6.9                  United Arab Emirates     7.3
Consumer Discretionary        5.7                  Kuwait                   6.1
Utilities                     3.9                  Romania                  5.8
Healthcare                    3.5                  Iraq                     4.6
Short positions              -2.7                  Croatia                  4.2
Net current liabilities      -0.6                  Panama                   3.2
                                                   Jordan                   3.0
                                                   Oman                     2.4
                                                   Pakistan                 2.2
                                                   Pan Africa               2.2
                                                   Slovenia                 2.2
                                                   Other                    3.3
                                                   Short positions         -2.7
                                                   Net current liabilities -0.6
                           -----                                          -----
                           100.0                                          100.0
                           =====                                          ===== 
*reflects gross market exposure from contracts for difference
(CFDs)

Ten Largest Equity Investments(in alphabetical order)

Company                    Country of Risk
Al Mouwasat Medical        Saudi Arabia
Copa Holdings              Panama
First Bank of Nigeria      Nigeria
Halyk Savings Bank         Kazakhstan
Hrvatski Telekomunikacije  Croatia
Kazmunaigas Exploration    Kazakhstan
MHP                        Ukraine
Qatar Electricity & Water  Qatar
Saudi Arabian Amiantit     Saudi Arabia
Zenith Bank                Nigeria

BlackRock Frontiers Investment Trust
Commentary June 2011

Markets

The MSCI Frontiers Index fell 0.9% in June (calculated on a US Dollar total
return basis). The strongest returns came from Asia, with Vietnam and
Bangladesh rising 9% and 7% respectively. Both markets rallied from deeply
oversold levels. On the other hand, Eastern European markets were affected by
fears of contagion from the Eurozone sovereign debt crisis. Serbia and Bulgaria
were notable casualties falling 15% and 12% respectively. Ukraine and
Kazakhstan also performed poorly as commodity prices fell and investors became
increasingly risk averse. Meanwhile, the Middle Eastern region had a muted
month with no market moving more than 3%.

Portfolio performance

The BlackRock Frontiers Investment Trust had a disappointing month, falling by
3.0% and underperforming the index by 2.1%. For the calendar year to date, the
Company NAV has outperformed the MSCI Frontiers Index by 1.9%.

The Company benefitted from the large underweight in Kuwait, which was impacted
by ongoing analyst earnings downgrades to Kuwaiti stocks. The Company also
benefited from underweight positions in Kenya which fell on increasing
inflation concerns and Sri Lanka where the market retreated from expensive
levels. However, overall regional allocation hurt performance as positions in a
number of countries, such as Kazakhstan and Ukraine, which have contributed
positively to returns year to date saw trend reversals.

Top performing stocks included Panamanian airline, Copa Holdings, which
announced significant increases in capacity and load factors for June resulting
in strong earnings upgrades. Real estate consulting firm, Hill International,
rose nearly 60% in a single day after the company announced a $1.5 billion
order in Iraq which tripled the company's backlog. We used this opportunity to
take profits on the stock. The Company also benefited from a short position in
Syria. Protests against the regime intensified, raising the prospect of the
introduction of sanctions which could significantly affect the business model
of the company in which we have a short position.

Detractors from performance in April included Iraqi oil producer, DNO, which
underperformed on concerns of a share swap below market levels after major
shareholder RAK Petroleum, an oil producer based in the UAE, gained control of
the board. Subsequent to the month end, the announcement that an independent
valuation will underpin the terms of the proposed merger led the share price to
recover the ground lost in June. Positions in two other oil companies, Gulf
Keystone and JKX, also performed poorly as the oil price weakened.

Portfolio Activity

The Company is currently holding 46 long positions and 4 short positions in
stocks across 21 markets. Over the month the Company increased exposure to
Kazakh oil exploration and production company, Kazmunaigas which trades at a
60% discount to global peers despite having one of the highest returns on
equity in the industry.

The Company trimmed positions in Botswanan diamond producer, Firestone
Diamonds, which has benefitted from very strong diamond prices this year, and
took some profits in Ukrainian agricultural company, Kernel, after the share
price approached its all-time high.

Outlook

We believe 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
ratio should prove to be highly supportive. We note that equity valuations in
the Company's portfolio holdings are low compared to both emerging markets and
developed markets despite the far higher 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.

The Company will remain overweight Nigeria where we believe that the new
cabinet which is currently being put in place by Goodluck Jonathan will
prioritise the much needed infrastructure reforms. Meanwhile, valuations are
some of the most compelling across Frontier Markets.

The Company has significant positions in Romania. Since joining the EU in 2007,
Romania has implemented a number of necessary structural economic reforms. At
the beginning of July, Romania was upgraded to investment grade by Fitch,
reflecting the increasing strength of the economy.

In Saudi Arabia, we are increasingly confident that the political status quo
will be maintained and that this stability will allow the current trends of
increased consumer spending and mobilisation of infrastructure projects to
continue. In this context, current valuations remain extremely attractive.

14 July 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.