Net Asset Value(s)

NET ASSET VALUE

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

The unaudited net asset values for BlackRock Frontiers Investment Trust plc at
close of business 24 May 2012 were:

123.90c Capital only USD (cents)
79.01p Capital only Sterling (pence)
126.14c Including current year income USD (cents)
80.44p 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.