Portfolio Update

BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 31 December 2019 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

4.5%

0.2%

-4.0%

12.4%

6.2%

20.8%

Share price

8.5%

0.3%

-1.6%

5.3%

-5.4%

8.9%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

77.31p

Net asset value cum income*:

77.71p

Share price:

70.60p

Discount to NAV (cum income):

9.2%

Net yield:

5.7%

Gearing - cum income:

8.5%

Total assets:

£93.7m

Ordinary shares in issue:

113,870,349

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.5%

* Includes net revenue of 0.40p. ** Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2019.

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Integrated Oil

31.0

Global

65.9

Diversified Mining

23.5

USA

12.7

Gold

16.3

Canada

11.2

Copper

10.0

Latin America

4.6

Exploration & Production

5.9

Australia

3.6

Industrial Minerals

5.1

Asia

2.3

Silver

3.5

South Africa

1.8

Distribution

3.1

Africa

0.4

Diamonds

2.1

Net Current Liabilities^

-2.5

Electricity

2.0

-----

Net Current Liabilities^

-2.5

100.0

----- 100.0 =====

=====

^ Total Liabilities for the purposes of these calculations exclude bank overdrafts, and the Net Current Liabilities  figure shown in the tables above therefore exclude bank overdrafts equivalent to 5.9% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

BHP

Global

8.5

First Quantum Minerals*

Global

7.4

Royal Dutch Shell ‘B’

Global

6.2

Barrick Gold

Global

5.7

BP Group

Global

5.0

Exxon Mobil

Global

4.0

Rio Tinto

Global

3.9

Total

Global

3.7

ConocoPhillips

USA

3.6

Chevron

Global

3.5

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

The Company’s NAV increased by 4.5% during the month of December (in Sterling terms). Global equity markets continued to rise in December with the MSCI World Index returning 3.0%. Geopolitical risk moderated somewhat as the US and China tentatively reached a phase one trade deal, which continued to support equity markets into year end. In terms of economic data, consumer confidence indicators and services Purchasing Managers’ Index (PMI) data remained supportive, whilst manufacturing PMI data in December was broadly weaker across the major economic blocs. It was a strong end to the year for the mining sector on the back of the improved equity market sentiment as well as rising mined commodity prices. Mined commodity prices were up almost across the board, with copper, gold and iron ore prices up 5.2%, 4.0% and 4.5% respectively (figures in US Dollars). Within the energy sector, The Organisation of the Petroleum Exporting Countries (OPEC+) agreed to remove 500,000 barrels per day from the oil market in their December meeting, which is in addition to the previously agreed reduction of 1.2 million barrels per day announced in December 2018. Voluntary cuts in addition to these by Saudi Arabia will also continue. Against this backdrop, oil prices increased over the month, with the Brent and West Texas Intermediate indices returning +5.1% and +10.7%, to end the period at prices of $67/bbl and $61/bbl respectively. This positive return reflected the improving macroeconomic sentiment, the OPEC+ commitment to constraining production combined with a lower oil rig count suggesting US shale growth continues to decline. Natural Gas and Natural Gas Liquids (NGL) prices also continued to weaken during the month, due to an oversupplied market. All data points in US Dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.

Source: BlackRock. Data as at 31 December 2019. 22 January 2020

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.

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