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 20 December 2018 were:

161.82c  Capital only USD (cents)
128.08p  Capital only Sterling (pence)
167.92c  Including current year income USD (cents)
132.91p  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 325,000 ordinary shares on 18th
December 2018, the Company has 204,916,108 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 20 December 2018 were:

122.55c  Capital only USD (cents)
97.00p  Capital only Sterling (pence)
122.73c  Including current year income USD (cents)
97.14p  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.