Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 October 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

9.1%

-4.9%

-27.1%

-28.8%

-36.9%

-39.2%

Share price

13.1%

-5.2%

-25.1%

-28.7%

-37.3%

-39.1%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

61.80p

Net asset value cum income*:

62.87p

Share price:

64.75p

Premium to NAV (cum income):

3.0%

Net yield:

9.3%

Gearing - cum income:

1.3%

Total assets^^:

£75.6m

Ordinary shares in issue:

115,568,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.5%

* Includes net revenue of 1.07p. ^^ 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.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Integrated Oil

34.4

Global

43.7

Diversified Mining

16.5

USA

21.9

Exploration & Production

14.4

Canada

12.4

Copper

10.5

Europe

8.3

Distribution

4.7

Africa

3.8

Gold

4.1

Latin America

2.9

Fertilizers

3.5

Asia

1.8

Nickel

2.7

Australia

1.6

Silver

2.3

China

1.0

Oil services

1.7

Net current assets

2.6

Diamonds

1.6

-----

Coal

1.0

100.0

Net Current assets

2.6

=====

-----

100.0

=====

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

Company

Region of Risk

% Total Assets

BHP Billiton

Global

6.5

First Quantum Minerals

Global

6.5

ExxonMobil

Global

5.7

Rio Tinto

Global

5.3

Royal Dutch Shell

Global

4.7

Chevron

Global

4.7

BP

Global

4.7

Enbridge Income Fund Trust

Canada

4.7

ConocoPhillips

USA

4.3

Statoil

Europe

4.0

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

October saw a welcome rebound in commodity equities as both the mining and energy sectors benefitted from aggressive rotation in equity markets with many of the recent outperforming sectors falling sharply and resources performing well.

Macroeconomic data released during the month was mixed. Data for Q3 2015 showed that US consumer spending had risen strongly year-on-year but that overall GDP was only up by 1.5%, compared to a 3.9% year-on-year rise in Q2 2015. Economic data from China was varied but did enough to assuage some fears over a more significant slowdown. The average property price across 70 Chinese cities, tracked by China’s National Bureau of Statistics, recorded a month-on-month increase for the fourth consecutive month, whilst sales of passenger cars in September were up by 3.3% year-on-year. In contrast, China’s manufacturing PMI remained below 50, signifying continued deceleration. Elsewhere, European markets were buoyed by comments from Mario Draghi which increased expectations for expansionary monetary policy in December.

Amidst this backdrop, oil prices trended higher, with Brent and WTI oil prices rising by 2.2% and 3.4% respectively. Further evidence emerged that oil supply was adjusting to lower prices in a meaningful way. US production continued to roll, with data for August showing that production was ~330,000 barrels per day lower than the March 2015 peak. The US rig count also continued to slide, ending the month 65% lower than its 2014 peak.

M&A remained prevalent in the oil market, with the standout examples being private equity firm Scepter Partners’ unsolicited bid for, E&P company, Santos and integrated company Suncor’s hostile bid for, oil sands producer, Canadian Oil Sands. Whilst both bids were rejected, the target companies performed well on the back of them, and our underweights in both companies weighed on relative performance. The month also saw further cuts to capital expenditure, with Chevron and Hess, for example, announcing plans to slash capital expenditure by 25% and 27% respectively in 2016.

The positive performance in mining equities was not replicated in base metals as aluminium, nickel and copper declined by 7.6%, 3.1% and 0.9% respectively. Glencore, one of the major diversified miners, announced that it would cut 500,000 tonnes of its zinc production over the coming 18 months. This represents approximately 4% of the world’s total zinc supply and is the first large supply cut the zinc market has seen since the most recent weak commodity prices. The company also announced it would reduce its copper supply by a further 55,000 tonnes, bringing its total copper supply cuts to 455,000 tonnes. We look to the other industry players to take similar action on marginal production.

24 November 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.