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 5 January 2015 were: 173.99c Capital only USD (cents) 114.18p Capital only Sterling (pence) 178.19c including current year income USD (cents) 116.93p 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.