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 21 December 2018 were:

161.78c  Capital only USD (cents)
127.65p  Capital only Sterling (pence)
167.87c  Including current year income USD (cents)
132.45p  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 150,000 ordinary shares on 21st
December 2018, the Company has 205,066,108 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 21 December 2018 were:

122.36c  Capital only USD (cents)
96.54p  Capital only Sterling (pence)
122.55c  Including current year income USD (cents)
96.69p  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.