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 13 June 2016 were:

159.50c  Capital only USD (cents)
111.71p  Capital only Sterling (pence)
161.17c  Including current year income USD (cents) XD
112.88p  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 (34.06%) 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
66bps (0.66%) of the company's net assets, substantially below the MCSI
Frontier index weighting of circa 1240 bps (12.4%).