Portfolio Update

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

All information is at 31 July 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

1.0%

8.4%

11.3%

21.7%

59.6%

9.8%

Share price

-1.4%

5.2%

5.6%

22.5%

45.1%

1.9%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

87.88p

Net asset value cum income*:

88.46p

Share price:

82.70p

Discount to NAV (cum income):

6.5%

Net yield:

4.8%

Gearing - cum income:

8.2%

Total assets^:

£110.5m

Ordinary shares in issue:

116,229,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.4%

* Includes net revenue of 0.58p. ^ 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

29.1

Global

60.6

Integrated Oil

26.8

Canada

15.1

Exploration & Production

16.3

USA

10.9

Gold

8.9

Latin America

5.6

Copper

8.1

Australia

4.0

Industrial Minerals

3.8

Africa

3.4

Silver

2.2

Europe

1.1

Diamonds

2.1

Net current liabilities

(0.7)

Steel

1.4

-----

Distribution

1.1

100.0

Oil Services

0.9

=====

Net current liabilities

(0.7)

-------- 100.0 =====

Ten Largest Investments

Company

Region of Risk

% Total Assets

BHP

Global

9.1

Rio Tinto

Global

6.6

Royal Dutch Shell ‘B’

Global

6.5

First Quantum Minerals*

Global

6.1

Glencore

Global

5.1

Chevron

Global

4.9

Vale - ADS

Latin America

4.3

BP

Global

4.2

Exxon Mobil

Global

3.6

ConocoPhillips

USA

3.1

** The holding in First Quantum Minerals includes both an equity holding and a holding in several bonds.

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

The Company’s NAV increased by 1.0% during the month of July (in GBP terms). July continued to be a volatile and uncertain time for global markets, led by ongoing trade frictions between the US and China. At the time of writing, the latest development was China threatening US$60 billion of new tariffs if the US was to go ahead with its threat of US$200 billion of new tariffs on imports from China. For now, despite market concern that trade wars may impact global demand, economic data leads us to believe that the outlook for economic growth remains healthy and the market is potentially overly concerned about rising protectionism. In addition, news emerged during the month that China was planning more proactive fiscal stimulus, which has historically been successful in supporting its economy. July was a weak month for the mined commodities, which were down almost across the board. Within the base metals, copper, nickel and zinc prices fell by 5.2%, 6.0% and 7.9% respectively. Within precious, gold, silver and platinum prices declined by 2.3%, 3.5% and 2.4% respectively. The bulk commodities remained relative stable, with iron ore (62% fe) up by 2.2% over the month. Against this backdrop, mining shares were relatively resilient which, in our view, reflects the fact that they still appear to be pricing in commodity prices well below current spot prices In addition, we began to see some of the miners reporting their interim results during the month. We saw earnings growth, rising dividends, balance sheet strength and modest cost inflation emerge as some common themes. In the energy sector, the indication by Libya that it will resume exports at its eastern ports, of which they have regained control, weakened the market. The possibility of higher supply and ongoing concerns around trade wars led to the sell-off in the oil price, with WTI (West Texas International) and Brent returning -5.7% and -4.3% respectively, to finish the month at US$70/bbl (year-to-date average US$66/bbl) and US$74/bbl (year-to-date average US$72/bbl). Elsewhere, it was announced during the month that BP acquired BHP’s US onshore business for a net consideration of US$10.5 billion.  The deal will be funded 50% from BP’s balance sheet and 50% from newly issued equity.  BP ultimately intends to divest an additional US$5-6 billion of assets to fund a buy-back to offset this dilution.  The deal makes strategic sense, giving BP a larger and higher quality US shale footprint.  Furthermore, if BP can deliver on its cost (US$350 million p.a.) and efficiency (drilling more productive wells) synergies the deal could prove to be highly value creative in the medium term. All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.

14 August 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.