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 September 2017 were:

190.76c  Capital only USD (cents)
141.89p  Capital only Sterling (pence)
195.58c  Including current year income USD (cents)
145.47p  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 375,000 ordinary shares on 26
September 2017, the Company has 177,218,108 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 27 September 2017 this provision was 1.72% of the NAV (0.77% on
unrealised gains and 0.95% 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.