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 20 September 2013 were:

169.16c Capital only USD (cents)
105.73p Capital only Sterling (pence)
169.61c Including current year income USD (cents)
106.01p 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 number of ordinary shares in issue is 94,766,267.
As announced on 17 September, over 85 per cent. of the assets attributable to 
C Shareholders have been invested in a portfolio of securities consistent with 
the Company's investment policy, and a Calculation Date of 18 September 2013 was 
set for the purposes of determining the Conversion Ratio for the C Shares to 
convert into Ordinary Shares. It was also announced that last day for trading 
in the C Shares on the London Stock Exchange for normal settlement (in order to 
enable settlement prior to Conversion) would be 17 September 2013. The listing of 
the C Shares was suspended at 7.30 a.m. on 23 September 2013. A further announcement 
setting out the conversion ratio applying to the conversion of C Shares into Ordinary
Shares and the expected date when such conversion will occur will be made shortly.  
For the avoidance of doubt, the NAVs quoted above relate only to the Company’s existing 
shares and do not yet incorporate the C Share portfolio assets or any Ordinary Shares 
arising on conversion.”