BRFC Blackrock Fronc

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 12 December 2018 were:

168.16c  Capital only USD (cents)
132.81p  Capital only Sterling (pence)
174.05c  Including current year income USD (cents)
137.47p  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 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 12 December 2018 were:

126.30c  Capital only USD (cents)
99.75p  Capital only Sterling (pence)
126.35c  Including current year income USD (cents)
99.79p  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.