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 on 7 May 2014 were:

195.84c Capital only USD (cents)
115.43p Capital only Sterling (pence)
199.99c Including current year income USD (cents)
117.87p 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. The capital only NAV's have

been adjusted for stock dividends previously accounted for as a revenue item.

3. The unaudited NAV above has been calculated on the basis of 150,621,621
Ordinary Shares in issue.