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 10 June 2016 were:

160.17c  Capital only USD (cents)
111.77p  Capital only Sterling (pence)
161.85c  Including current year income USD (cents) XD
112.94p  Including current year income Sterling (pence) XD

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 unaudited NAV above has been calculated on the basis of
164,333,108 Ordinary Shares in issue. 

4.       This valuation includes a downward foreign exchange fair value
adjustment of approximately (30.9%) to the Company's Nigerian assets. This
adjustment to the foreign exchange rate was derived from the non-deliverable
forward market price. Post this revaluation Nigeria represents approximately
70bps (0.7%) of the company's net assets, substantially below the MCSI Frontier
index weighting of circa 890 bps (8.9%).