Portfolio Update

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

All information is at 30 June 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

-2.1%

-12.1%

-13.9%

5.8%

-21.3%

-13.5%

Share price

-4.5%

-8.7%

-19.8%

11.0%

-25.8%

-19.2%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

70.51p

Net asset value including income*:

71.48p

Share price:

68.50p

Discount to NAV (including income):

4.2%

Net yield:

5.8%

Gearing - including income:

9.5%

Total assets^:

£100.2m

Ordinary shares in issue:

118,768,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.4%

* Includes net revenue of 0.97p. ^ 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

Diversified Mining

20.5

Global

48.4

Integrated Oil

19.0

USA

14.2

Exploration & Production

16.2

Canada

13.2

Copper

9.3

Australia

6.2

Gold

9.3

Latin America

4.5

Distribution

3.6

Europe

2.3

Silver

3.2

Africa

2.3

Agriculture Science

2.1

Mali

1.3

Oil Services

2.0

Asia

0.4

Oil Sands

1.6

Net current assets

7.2

Industrial Minerals

1.6

-----

Steel

1.2

100.0

Industrial Resources

1.0

=====

Iron Ore

0.9

Coal & Uranium

0.7

Diamonds

0.6

Net current assets

7.2

-----

100.0

=====

Ten Largest Investments

Company

Region of Risk

% Total Assets

First Quantum Minerals

Global

8.1

Royal Dutch Shell ‘B’

Global

5.3

Rio Tinto

Global

4.7

Glencore

Global

4.4

ExxonMobil

Global

4.3

BHP Billiton

Global

3.5

Anadarko Petroleum

USA

3.5

Newcrest Mining

Australia

2.7

BP

Global

2.7

Enbridge Income Fund Trust

Canada

2.6

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

The Company’s NAV fell by 2.1% during the month (in sterling terms with income reinvested and net of ongoing charges). Macroeconomic data points were mixed in June. China Caixin manufacturing PMI (Purchasing Managers Index) increased to 50.4, back above 50 and indicating a return to year-on-year expansion. However, US economic data was weaker than expected as demand for capital goods fell unexpectedly and improvements in non-farm payrolls slowed. In spite of this, the US Federal Reserve raised its benchmark interest rate by 0.25% for the second time this year. Against this backdrop, broader equity markets posted modest positive performance, with the MSCI World Index increasing by 0.4% over the month. Energy equities were negatively impacted by further oil price weakness as Brent and West Texas Intermediate oil prices both fell by 4.7% to finish at $47/bbl and $46/bbl respectively. Geopolitical tensions heightened as Saudi Arabia, Bahrain, the United Arab Emirates and Egypt cut diplomatic ties with Qatar, accusing the country of destabilising the region. Whilst geopolitical risk typically adds a premium to the oil price, oil failed to react as concerns grew that cooperation between OPEC (Organization of the Petroleum Exporting Countries) members could break down and jeopardize their joint production restraint. However, the primary headwind for oil was the easing of supply disruptions in Nigeria and Libya, as the countries resumed production to bring ~0.5mbpd to the market. The rising US rig count (the number of rigs drilling for oil in the US) has also weighed on sentiment. The US rig count continued to rise through June, until the final week when it fell by 2; whilst only a small decline, this represented the first weekly fall since January. Elsewhere, EIA (the US Energy Information Administration) data showed the pace of draws on total US stocks of crude oil and petroleum products has slowed. Meanwhile, short interest in Brent oil reached an all-time high suggesting sentiment has become very bearish relative to recent history. Whilst the mining sector sold off at the beginning of the month following talk around potential reductions in credit availability in China, performance was broadly positive for the base metals during the month as the language transitioned more towards the potential for easing.  Nickel, zinc and copper increased by +4.8%, +6.4% and +4.8% respectively, whilst aluminium bucked this positive trend and declined by -0.6%.  Iron ore on the other hand bounced off lows, increasing by +12.1% on the back of a more positive outlook on China. Our overweight position in Rio Tinto appeared amongst the largest contributors to relative performance on the back of this increase in the iron ore price. Elsewhere, a new mining charter was unveiled in South Africa with new rules on ownership, employment and redistribution of revenues. At a presentation in Pretoria, mining minister Mosebenzi Zwane confirmed plans to raise the minimum level of black ownership of South African mines from 26% to 30% and announced that black ownership must remain at 30%, even when the original Black Economic Empowerment (BEE) owners sell their stakes. The Company has been underweight the South African mining companies given uncertainty around mining rights and the BEE charter, and a lack of investment in the region more broadly. All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.

17 July 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.