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 25 April 2017 were:

178.26c  Capital only USD (cents)
138.99p  Capital only Sterling (pence)
181.52c  Including current year income USD (cents)
141.53p  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 500,000 ordinary shares on 25 April
2017, the Company has 172,293,108 ordinary shares in issue.

4.       With effect from 30 March 2017, the Company's Net Asset Value (NAV)
includes a provision for Capital Gains Tax potentially payable in Argentina.
As at 19 April 2017 this provision was 1.49% of the NAV (0.69% on unrealised
gains and 0.80% on realised gains since 23 September 2013).  There is
considerable uncertainty as to whether the Capital Gains Tax will become
payable and there is currently no established mechanism for paying it. In the
event that no tax becomes payable the provision will be reversed.