Portfolio Update

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

All information is at 31 January 2018 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

-1.1%

5.5%

9.3%

-1.5%

19.1%

-8.9%

Share price

5.3%

9.6%

16.0%

-4.8%

12.5%

-11.1%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

81.17p

Net asset value cum income*:

81.49p

Share price:

80.30p

Discount to NAV (cum income):

1.5%

Net yield:

5.0%

Gearing - cum income:

8.1%

Total assets^:

£104.0m

Ordinary shares in issue:

118,716,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.4%

* Includes net revenue of 0.32p. ^ 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 2017.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Diversified Mining

33.3

Global

60.1

Integrated Oil

23.6

USA

12.9

Exploration & Production

14.9

Canada

12.2

Copper

8.9

Latin America

5.6

Gold

7.7

Australia

4.4

Industrial Minerals

2.2

Europe

2.5

Diamonds

2.0

Africa

1.6

Oil Sands

1.8

Mali

1.3

Silver

1.8

Net current liabilities

(0.6)

Steel

1.5

-----

Distribution

1.1

100.0

Industrial Resources

1.1

=====

Oil Services

0.7

Net current liabilities

(0.6)

-----

100.0

=====

Ten Largest Investments

Company

Region of Risk

% Total Assets

First Quantum Minerals

Global

8.1

BHP

Global

7.9

Rio Tinto

Global

6.9

Glencore

Global

6.6

Royal Dutch Shell ‘B’

Global

6.5

Chevron

Global

4.4

Teck Resources

Canada

4.2

Vale – ADS

Latin America

3.9

BP

Global

3.9

Exxon Mobil

Global

3.8

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

The Company’s NAV declined by 1.1% during the month of January (in GBP terms). Sterling strengthening versus the US dollar contributed to the portfolio posting negative returns over the month. The macroeconomic backdrop remained supportive for natural resources in January with consensus being that 2018 will be a year of synchronous and stable global economic growth. The International Monetary Fund is now expecting global growth to increase at 3.9% this year, which would be the fastest pace for seven years. Meanwhile, China’s official GDP data suggested its economy grew by 6.9% in 2017, marking the first year since 2010 that growth accelerated. The mining sector performed well during the month buoyed by broadly positive performance from the mined commodities and optimism ahead of the sector’s reporting season in February. In the base metals space, zinc and nickel prices rose by 7.7% and 6.7% respectively, whilst copper gave back some of its recent gains, falling by 1.8%. Gold and silver prices were up by 2.9% and 1.3% respectively, supported by continued US dollar weakness. Meanwhile, bulk commodity prices softened, with coking coal down by 1.6% and iron ore down by 1.4%; still sitting at high levels versus the fourth quarter of 2017 however. The energy sector was weaker as energy shares still failed to meaningfully respond to positive oil price performance. We see this as driven mainly by investor sentiment and flows rather than by fundamentals. As such, we expect a ‘catch-up’ trade for energy equities this year as the market’s confidence in the sustainability of current oil prices grows. Oil prices rose over the month, with Brent and WTI (West Texas International) oil prices gaining 1.6% and 7.2% respectively. The outperformance of WTI, and the narrowing of the spread, reflected the larger-than-expected fall in US inventories.  Data also emerged that showed continued high levels of compliance from OPEC members with the agreed production cap. That said, this was in part driven by a significant fall in Venezuela’s production, a result of their current economic crisis. The Henry Hub natural gas spot price finished the month down by 9.5%, having initially bounced due to cold weather and then eased on expectations of plentiful supply this year. In the portfolio, we reduced our position in a North American gold/silver streaming company and added to holdings in BHP Billiton and BP. We expect a strong reporting season in the coming weeks and are optimistic that dividend announcements, especially for the mining companies, will surprise to the upside. All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.

13 February 2018

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.