Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 April 2016 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

12.6%

31.3%

11.8%

-18.6%

-26.3%

-41.3%

Share price

7.1%

30.8%

7.9%

-19.2%

-29.4%

-42.1%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

66.45p

Net asset value cum income*:

66.72p

Share price:

66.38p

Discount to NAV (cum income):

0.5%

Net yield:

9.0%

Gearing - cum income:

1.3%

Total assets^^:

£81.4m

Ordinary shares in issue:

117,968,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.4%

* Includes net revenue of 0.27p. ^^ 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 2015.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Integrated Oil

26.9

Global

52.9

Diversified Mining

15.6

USA

15.5

Gold

15.0

Canada

8.8

Exploration & Production

13.4

Australia

5.8

Copper

11.1

Europe

5.0

Nickel

3.8

Africa

4.3

Silver

3.4

Latin America

3.4

Distribution

3.3

Sweden

1.0

Diamonds

1.7

Asia

1.0

Refining & Marketing

1.0

Philippines

0.2

Fertilizers

1.0

China

0.1

Zinc

1.0

Net current assets

2.0

Oil services

0.7

-----

Coal

0.1

100.0

net current assets

2.0

=====

-----

100.0

=====

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

Company

Region of Risk

% Total Assets

First Quantum Minerals

Global

8.0

Royal Dutch Shell ‘B’

Global

6.8

Rio Tinto

Global

5.0

BHP Billiton

Global

4.6

ExxonMobil

Global

4.5

Glencore

Global

4.3

Chevron

Global

4.2

BP

Global

3.4

Enbridge Income Fund Trust

Canada

3.3

Conocophillips

USA

3.2

Commenting on the markets, Olivia Markham and Tom Holl, representing the Investment Manager noted: The natural resources sector continued to strongly outperform broader equity markets in April as the MSCI World Index returned just +1.6% compared to a +21.1% and +8.5% increase in the Euromoney Global Mining Index and the MSCI World Energy Index respectively. Improving data from China combined with US dollar weakness provided commodity price support and buoyed the sector. Positive data from China included a pick-up in the official manufacturing Purchasing Managers' Index (bringing it into expansionary territory for the first time since August 2015) and better than expected property data. US dollar weakness appeared to be driven by the Federal Reserve highlighting concerns over world growth and the market’s lessening confidence in the possibility of a meaningful US rate rise in the near term. Commodity prices performed strongly during the month with the Bloomberg Commodity Index gaining +8.5%. Oil was among the best-performing commodities with Brent and WTI oil prices surging by +17.4% and +19.9% respectively, both finishing the month at $46 per barrel. The major event in the oil market was a meeting between OPEC and non-OPEC producers in Doha to discuss the possibility of a coordinated production freeze. The meeting concluded with no agreement in place, however, the key obstacle appears to be Saudi Arabia’s insistence that Iran participates in the freeze. Iran is unwilling to do so, given it is still in the process of ramping up production post sanctions being lifted. Despite this, oil prices actually finished up on the day as it emerged that there would be no freeze as a strike by oil sector workers in Kuwait lent support to the oil price. Elsewhere, outages in Nigeria and Iraq continued to outweigh the impact of Iran continuing to ramp up its production. Oil prices were also supported by at-the-margin improvements in the oil market’s supply and demand fundamentals. Global oil demand has proved better than feared so far this year and during April the International Energy Agency reaffirmed its estimate for 1.2 million barrels per day of demand growth this year. Meanwhile, further evidence emerged that non-OPEC supply is falling, with March production data indicating a 690k barrels per day decline year-on-year. Energy equities trended upwards through the month suggesting the market is now looking through short-term volatility ahead to a tighter market by the end of the year. Reporting season got underway for the miners during the month as Vale reported better than expected first quarter results to which the market responded positively. It is our view that this increase in earnings was likely a short-term phenomenon driven by the ~52% rally in the iron ore price year to date. Elsewhere, First Quantum Minerals, the global copper miner, also reported better than expected results during the period. Management’s reiteration of its strategy to transition its debt from corporate financing to project financing gave the market confidence in its ability to further strengthen the balance sheet and the stock was rewarded as a result. In other news, Anglo American pleased the market by announcing the sale of its niobium/phosphate asset for $1.5 billion, bringing the company closer to achieving its goal of raising $4 billion from assets sales this year. The portfolio’s underweight position detracted from relative performance. Security selection in the energy sector contributed to outperformance during the month. Our overweight position in some of the exploration & production companies delivered strong performance as companies such as Marathon Oil, ConocoPhillips and Laredo showed high sensitivity to the rise in the oil price.

16 May 2016

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.