Portfolio Update

THE BLACKROCK FRONTIERS INVESTMENT TRUST PLC

All information is at 31 DECEMBER 2010 and unaudited.

Performance at month end with net income reinvested
                         Since launch*
Sterling:
Share price                     +7.3%
Net asset value                 -0.3%
MSCI EM Index                   +1.3%

US Dollars:
Net asset value                 +0.1%
MSCI Frontiers Index            +1.7%

Sources: BlackRock and Standard & Poor's Micropal

* 17 December 2010.

At month end
US Dollar
Net asset value - capital only:      152.92c
Net asset value*** - cum income:     152.92c

Sterling
Net asset value - capital only:      97.67p
Net asset value*** - cum income:     97.67p

Share price:                        107.25p

Total assets:                        £92.6m
Premium:                               9.8%
Gearing:                                 0%
Net yield:                              n/a
Ordinary shares in issue:        94,766,267

Benchmark
Sector Analysis    *Gross assets(%)    Index(%)    Country Analysis    *Investments(%)    Index (%)
Financials                    16.5        53.2         Saudi Arabia              13.5          0.0
Industrials                   16.1         8.2                Qatar              10.9         11.9
Energy                        12.1         7.2 United Arab Emirates               7.9          8.5
Consumer Staples               7.4         3.4           Kazakhstan               7.2          2.7
Consumer Discretionary         6.8         0.7              Nigeria               6.9          6.6
Materials                      6.4         3.7              Ukraine               6.7          0.8
Telecommunications             5.2        19.9               Kuwait               4.6         31.9
Utilities                      4.0         1.2                 Iraq               4.0          0.0
Health Care                    1.8         2.3               Panama               3.1          0.0
Technology                                 0.2              Romania               2.9          0.7
                                                               Oman               2.4          3.3
                                                            Croatia               1.7          2.3
                                                             Jordan               1.6          0.9
                                                              Other               2.9         30.4

Net current assets            23.7                           Net current assets  23.7
                             -----       -----                                  -----        -----
                             100.0       100.0                                  100.0        100.0
                             =====       =====                                  =====        =====

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

Ten Largest Equity Investments(in alphabetical order)

Company                      Country of Risk
Abdullah Al Othaim              Saudi Arabia
Air Arabia              United Arab Emirates
Copa Holdings                        Panama
Dana Gas               United Arab Emirates
Fawaz Abdulaziz Alhokair       Saudi Arabia
Kazmunaigas Exploration          Kazakhstan
Kernel Holdings                     Ukraine
Qatar Electricity & Water             Qatar
Saudi Arabian Amiantit         Saudi Arabia
Zenith Bank                         Nigeria

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

The MSCI Frontiers Index returned 1.7% between the launch of the BlackRock
Frontiers Investment Trust on 17 December 2010 and the end of the month. Among
the Frontier Markets, Ukraine and Nigeria were strong performers. Investors in
Ukraine gained confidence after parliament approved the 2011 state budget
within the parameters set by the IMF. Nigeria performed well after the Asset
Management Company of Nigeria was finally set up to buy bad debts from and
recapitalise a number of commercial banks.

Serbia was the weakest performing market, reflecting concerns surrounding
inflation and weak economic growth in 2011. Energy stocks performed strongly
while the utilities and materials sectors both underperformed.

Performance
The BlackRock Frontiers Investment Trust NAV rose by 0.1% over the period 17th
December to year end. Stocks that contributed positively to performance this
month included Ukrainian agriculture company, Kernel, which rose on stronger
soft commodity prices and oil producer, DNO, which rose on reports that oil
exports from Kurdistan will restart. Cash was the largest drag on performance
as a result of the fund not being fully invested during the period.

Activity
In December, the Company initiated positions in 45 stocks across 18 markets. As
of 31 December over 75% of the fund had been invested, well in excess of the
amount anticipated at this stage of the investment process.

Outlook
It is our view that Frontier Markets are 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 Company's portfolio are low compared to both emerging markets and developed
markets despite the far higher corporate earnings growth profile. Following a
period of significant under performance, we would not be surprised to see
capital allocation towards the asset class during 2011.

The portfolio is overweight Saudi Arabia, where we expect strong earnings
growth particularly in the consumer and infrastructure sectors. Oil prices
above $60 will allow government spending to continue with the aim of increasing
private sector employment and the diversification of the economy away from the
oil sector. Qatar's natural resource endowment and infrastructure spending
plans present investment opportunities at attractive valuations. The case for
Qatar has been further enhanced by award of the FIFA 2022 World Cup. We also
think that Nigeria is set to outperform on the back of continued reform in the
banking sector. The fund will remain underweight Kuwait, where valuations look
expensive and political outlook is becoming more challenged. On that note, we
would highlight that there are several frontier markets where at present
over-valuation and/or increasing political tension precludes us from investing.
We would highlight Bangladesh, Sri Lanka and Tunisia in this regard.

The Company has no direct exposure to Tunisia, although it does have some very
small positions (2-3%) in pan Arab stocks which do some business in Tunisia.
However, the impact from recent events in Tunisia is de-minimis on the
portfolio but has a slightly greater impact on the benchmark, where
Tunisia has around a 1% weight. We believe that the events in Tunisia highlight
that there are a number of Emerging Markets where political risk is largely
ignored and hence insufficiently priced by the market, especially in countries
where the government has a limited democratic mandate and there are widespread
perceived grievances. In contrast there are other countries, many of the
Frontier Markets included, in which, due to the media's choice of topics,
political risks appear overstated including much of the Middle East and Africa
where we continue to see considerable value.

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 fund.
As such we will continue to move towards a fully invested position with a particular 
focus on Sub-Saharan African and Asian frontier markets.  

17 January 2010

ENDS

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website) is incorporated into, or forms part of, this announcement.