Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 August 2015 and unaudited.

Performance at month end with net income reinvested

One

Three

Six

One

Three

Five

Month

Months

Months

Year

Years

Years

Net asset value

-6.3%

-24.5%

-25.7%

-40.5%

-35.0%

-31.1%

Share price

-10.7%

-28.4%

-28.1%

-43.4%

-36.2%

-32.7%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

61.92p

Net asset value cum income*:

63.48p

Share price:

62.50p

Discount to NAV (cum income):

1.5%

Net yield:

9.6%

Gearing - cum income:

3.7%

Total assets^^:

£77.4m

Ordinary shares in issue***:

114,068,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.5%

* Includes net revenue of 1.56p. ^^ Includes current year revenue. ** Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2014. ***The number of ordinary shares in issue has subsequently increased to 114,568,000.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Integrated Oil

31.5

Global

43.6

Diversified

18.2

USA

22.4

Exploration & Production

13.9

Canada

10.9

Copper

8.6

Europe

8.7

Distribution

4.6

Africa

4.1

Nickel

4.4

Latin America

2.8

Gold

3.8

Australia

1.9

Fertilizers

2.6

Asia

1.6

Agriculture Science

2.2

China

1.0

Silver

2.1

Net current assets

3.0

Diamonds

1.9

-----

Oil services

1.6

100.0

Coal

1.0

=====

Oil Sands

0.6

Net Current assets

3.0

-----

100.0

=====

Ten Largest Equity Investments (in % of Total Assets order)

Company

Region of Risk

% Total Assets

BHP Billiton

Global

6.9

Rio Tinto

Global

6.1

ExxonMobil

Global

5.1

First Quantum Minerals

Global

4.7

Royal Dutch Shell

Global

4.6

Enbridge Income Fund Trust

Canada

4.6

BP

Global

4.3

Chevron

Global

4.1

Statoil

Europe

3.8

ConocoPhillips

USA

3.7

Commenting on the markets, Olivia Markham and Tom Holl, representing the Investment Manager noted:

August was another challenging and extremely volatile month for the natural resource sector and by the end of the month, the energy sector had fallen by approximately 5.0% (MSCI World Energy Index, in GBP) and the mining sector had fared slightly worse declining by around 5.4% (Euromoney Global Mining Index, in GBP). Weakness was driven by heightened concerns over global economic growth, fuelled primarily by soft economic data emerging from China. Lacklustre data points included declining auto sales volumes and China’s official manufacturing PMI falling to 49.7, down from 50 in July. China’s central bank, the People’s Bank of China, sought to lend support to its struggling economy by announcing further cuts to interest rates, a reduction in the reserve requirement ratio and allowing the RMB to depreciate modestly against the US Dollar. What overall effect the devaluation will have on commodities remains unclear and will depend on the eventual scale of the depreciation and whether the government can contain capital outflows from the country. A relatively modest devaluation could be stimulatory to economic activity, in particular export focused industries. However, a larger move could have negative implications for commodity affordability in China.

The weaker outlook for global economic growth and the implications for global oil demand put downward pressure on oil prices during the month. However, this was counteracted by OPEC releasing a statement late in the month which expressed concern about the fall in oil prices and stated that OPEC was “ready to talk” to other producers. The WTI oil price rebounded to ultimately finish up by 4.4% for the month, whilst the Brent oil price recovered somewhat but remained down by 6.3% overall.

August saw capitulation across equity markets in general and sell-offs were far from limited to the natural resources sector. The moves seen across mining shares in August seemed to be driven more by financial flows, and the increasingly negative sentiment around China, than by price moves in the underlying commodities. This was most notable in copper, where the metal’s price held up relatively well, falling by just 1.4%, whilst copper equities sold off aggressively. The overweight portfolio position in First Quantum was one of the largest detractors from performance over the month.

21 September 2015

ENDS

Latest information is available by typing www.blackrock.co.uk/brci on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).  Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.