Net Asset Value(s)

BlackRock Frontiers Investment Trust plc

The unaudited net asset value for BlackRock Frontiers plc at close of business
on 21 December 2010 was:

151.77c Capital only USD (cents)
98.06p Capital only Sterling (pence)
151.77c Including current year income USD (cents)
98.06p Including current year income Sterling (pence)

Notes:

1. Investments have been valued on a bid price basis.

2. Revenue items included in net asset value, with dividends payable deducted
on the ex-dividend date.

3. The number of shares in issue is 94,766,267 following their issue on 17
December 2010.