Net Asset Value(s)

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

The unaudited net asset values for BlackRock Frontiers Investment Trust plc at
close of business 1 May 2012 were:

133.00c Capital only USD (cents)
81.99p Capital only Sterling (pence)
136.29c Including current year income USD (cents)
84.02p 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.