Net Asset Value(s)

NET ASSET VALUE

BLACKROCK FRONTIERS INVESTMENT TRUST PLC
5493003K5E043LHLO706

The unaudited net asset values for the ordinary shares of BlackRock Frontiers
Investment Trust plc at close of business on 3 January 2018 were:

212.38c  Capital only USD (cents)
157.16p  Capital only Sterling (pence)
217.32c  Including current year income USD (cents)
160.82p  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.       Following the share issuance of 250,000 ordinary shares on 28 December
2017, the Company has 181,691,108 ordinary shares in issue.  

4.       On 30 March 2017, the Company announced that its Net Asset Value (NAV)
would include a provision for Capital Gains Tax potentially payable in
Argentina in respect of investments held through ADRs.  Following the enactment
of Argentine tax legislation, effective 1 January 2018, and discussions with
the Company's advisers, including BlackRock, the Board has decided to reverse
the accrual with immediate effect. The impact on the NAV of this adjustment is
an uplift of 210 basis points.