Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 30 April 2017 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

-7.7%

-11.5%

-3.8%

21.2%

-14.6%

-14.1%

Share price

-2.5%

-15.6%

-7.0%

19.0%

-19.0%

-17.8%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

74.92p

Net asset value cum income*:

76.14p

Share price:

74.25p

Discount to NAV (cum income):

2.5%

Net yield:

6.1%

Gearing - cum income:

7.1%

Total assets^:

£104.8m

Ordinary shares in issue:

118,768,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.4%

* Includes net revenue of 1.22p. ^ 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 2016.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Integrated Oil

20.4

Global

48.5

Diversified Mining

18.3

USA

20.0

Exploration & Production

18.3

Canada

10.7

Gold

10.2

Latin America

4.4

Copper

8.2

Australia

3.8

Distribution

3.5

Europe

2.4

Silver

3.0

Africa

2.1

Oil Services

2.9

Asia

0.5

Agriculture Science

2.0

Net current assets

7.6

Steel

1.2

-----

Iron Ore

1.1

100.0

Fertilizers

1.1

=====

Nickel

0.9

Coal & Uranium

0.7

Diamonds

0.6

Net current assets

7.6

-----

100.0

=====

Ten Largest Investments

Company

Region of Risk

% Total Assets

First Quantum Minerals

Global

7.0

Royal Dutch Shell ‘B’

Global

5.9

ExxonMobil

Global

5.6

Rio Tinto

Global

4.6

Glencore

Global

3.7

BHP Billiton

Global

3.6

ConocoPhillips

USA

2.8

Newcrest Mining

Australia

2.7

Enbridge Income Fund Trust

Canada

2.6

BP

Global

2.5

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

The Company’s NAV fell by 7.7% during the month (in GBP terms).

Broader equity markets continued trending upwards during the month as macroeconomic data remained robust, with strong PMI survey numbers globally. Broader equity markets were given a boost by the first-round French Presidential election results where Emmanuel Macron and Marine Le Pen both progressed but Macron emerged as the clear front-runner.  However, the mining and energy sectors posted negative returns as commodity prices came under pressure, as a result of a number of monetary tightening measures occurring in China.

Energy equities were held back by oil price weakness, with Brent and WTI oil prices declining by 3.2% and 2.4% respectively in April. Sentiment deteriorated as the US rig count (the number of rigs actively drilling for oil in the US) continued to rise to finish at 870 units, up from 420 one year ago. Energy Information Administration inventory data was mixed with crude draws and product builds as refinery utilisation improved post ‘turnaround season’ in the first quarter of the year. We remain of the view the oil market is close to balance and believe that investors have been overly focused on short-term data out of the USA. The market is now looking ahead to the next OPEC meeting on the 25th of May, with consensus being that the cartel will extend its production cap for a further six months from the end of June.

The mined commodities also came under pressure in April with nickel, zinc and copper declining by 5.6%, 4.8% and 1.8% respectively. This appeared to be driven by tightening measures and liquidity controls in China which were heightened during the month.  On the company side, first quarter reporting got underway during the month, the key trend emerging for the diversified miners was a continuation of free cashflow generation but production numbers lower than expectations due to a combination of weather events and labour strikes.

All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.

15 May 2017

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.