Net Asset Value(s)

NET ASSET VALUE

BlackRock Frontiers Investment Trust plc

The unaudited net asset value for BlackRock Frontiers Investment Trust plc at close of business
on 23 December 2010 was:

151.71c Capital only USD (cents)
98.47p Capital only Sterling (pence)
151.71c Including current year income USD (cents)
98.47p 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.