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 20 May 2020 were:

114.42c  Capital only USD (cents)
93.25p  Capital only Sterling (pence)
117.37c  Including current year income USD (cents)
95.65p  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 300,000 ordinary shares on 02nd
January 2020, the Company has 241,822,801 ordinary shares in issue.