BRFI Blackrock Frontiers Investment Trust Plc

NET ASSET VALUE

BLACKROCK FRONTIERS INVESTMENT TRUST PLC

The unaudited net asset values for the ordinary shares of BlackRock Frontiers
Investment Trust plc at close of business on 29 August 2014 were:

199.30c Capital only USD (cents)
120.00p Capital only Sterling (pence)
203.23c Including current year income USD (cents)
122.36p 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 150,621,621
Ordinary Shares in issue.