BRFI Blackrock Frontiers Investment Trust Plc

 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 11 December 2018 were:

166.38c  Capital only USD (cents)
132.84p  Capital only Sterling (pence)
172.27c  Including current year income USD (cents)
137.54p  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 27th
November 2018, the Company has 204,241,108 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 11 December 2018 were:

125.40c  Capital only USD (cents)
100.12p  Capital only Sterling (pence)
125.44c  Including current year income USD (cents)
100.15p  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.