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 10 December 2018 were:

166.38c  Capital only USD (cents)
132.78p  Capital only Sterling (pence)
172.27c  Including current year income USD (cents)
137.49p  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 27th
November 2018, the Company has 204,241,108 ordinary shares in issue.

C SHARES

The unaudited net asset values for the ordinary shares of BlackRock Frontiers
Investment Trust C Share plc at close of business on 10 December 2018 were:

125.25c  Capital only USD (cents)
99.96p  Capital only Sterling (pence)
125.29c  Including current year income USD (cents)
99.99p  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.       The unaudited NAV above has been calculated on the basis of 44,927,580
C Shares in issue.