Net Asset Value(s)

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

The unaudited net asset values for BlackRock Frontiers Investment Trust plc at
close of business 3 January 2012 was:

120.56c Capital only USD (cents)
77.11p Capital only Sterling (pence)
123.53c Including current year income USD (cents)
79.01p 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.