Net Asset Value(s)

NET ASSET VALUE

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

The unaudited net asset values for the ordinary shares of BlackRock Frontiers
Investment Trust plc at close of business 23 September 2013 were:

168.71c Capital only USD (cents)
105.22p Capital only Sterling (pence)
169.15c Including current year income USD (cents)
105.50p 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 ordinary shares in issue is 94,766,267. As announced on 17
September, over 85 per cent. of the assets attributable to C Shareholders have
been invested in a portfolio of securities consistent with the Company's
investment policy, and a Calculation Date of 18 September 2013 was set for the
purposes of determining the Conversion Ratio for the C Shares to convert into
Ordinary Shares. It was also announced that last day for trading in the C
Shares on the London Stock Exchange for normal settlement (in order to enable
settlement prior to Conversion) would be 17 September 2013. The listing of the
C Shares was suspended at 7.30 a.m. on 23 September 2013. A further
announcement setting out the conversion ratio applying to the conversion of C
Shares into Ordinary Shares and the expected date when such conversion will
occur will be made shortly. For the avoidance of doubt, the NAVs quoted above
relate only to the Company's existing shares and do not yet incorporate the C
Share portfolio assets or any Ordinary Shares arising on conversion."