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 on 2 January 2014 were:

185.21c Capital only USD (cents)
112.61p Capital only Sterling (pence)
185.18c Including current year income USD (cents)
112.59p 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 conversion of the Company's C shares into Ordinary Shares on 25
September 2013, the unaudited NAV above has been calculated on the basis of
150,621,621 Ordinary Shares in issue.