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 31 December 2018 were:

164.50c  Capital only USD (cents)
129.17p  Capital only Sterling (pence)
170.65c  Including current year income USD (cents)
133.99p  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 28th
December 2018, the Company has 205,316,108 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 31 December 2018 were:

124.08c  Capital only USD (cents)
97.43p  Capital only Sterling (pence)
124.32c  Including current year income USD (cents)
97.62p  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.