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 9 January 2014 were:

186.33c Capital only USD (cents)
113.10p Capital only Sterling (pence)
186.28c Including current year income USD (cents)
113.07p 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.