Net Asset Value(s)

NET ASSET VALUE

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

The unaudited net asset value for BlackRock Frontiers Investment Trust plc at
close of business 12 July 2011 was:

140.64c Capital only USD (cents)
88.41p Capital only Sterling (pence)
144.08c Including current year income USD (cents)
90.57p 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 number of shares in issue is 94,766,267 following their issue on 17
December 2010.