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 28 April 2017 were:

177.37c  Capital only USD (cents)
137.09p  Capital only Sterling (pence)
180.62c  Including current year income USD (cents)
139.60p  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 400,000 ordinary shares on 26 April
2017, the Company has 172,693,108 ordinary shares in issue.  

4.       With effect from 30 March 2017, the Company's Net Asset Value (NAV)
includes a provision for Capital Gains Tax potentially payable in Argentina. 
As at 26 April 2017 this provision was 1.47% of the NAV (0.68% on unrealised
gains and 0.79% on realised gains since 23 September 2013).  There is
considerable uncertainty as to whether the Capital Gains Tax will become
payable and there is currently no established mechanism for paying it. In the
event that no tax becomes payable the provision will be reversed.

5. Following the introduction of a special window for investors to transact in
the foreign exchange market by the Central Bank of Nigeria last week, the
Company has applied the spot foreign exchange rates quoted on the FMDQ OTC
Securities Exchange for valuing the Company's Nigerian assets at 28 April 2017.
Previously the Company was applying an adjustment to the foreign exchange rate
derived from the 3 month non-deliverable forward market price. This adjustment
to the foreign exchange rate derived using the Nigerian Autonomous Foreign
Exchange Rate Fixing Methodology represents a downward adjustment of
approximately 14bps (0.14%) to the Company's net assets at 28 April 2017. Post
this revaluation, Nigeria represents approximately 3.22% of the Company's net
assets substantially below the MCSI Frontier Index weighting of circa 670bps
(6.70%).