Portfolio Update

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

All information is at 31 August 2022 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

5.4%

-3.9%

12.4%

38.4%

92.6%

114.6%

Share price

11.6%

-9.6%

7.4%

49.3%

117.4%

126.3%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

130.44p

Net asset value cum income1:

132.03p

Share price:

127.25p

Discount to NAV (cum income):

3.6%

Net yield:

3.4%

Gearing - cum income:

5.4%

Total assets:

£177.4m

Ordinary shares in issue2:

134,356,194

Gearing range (as a % of net assets):

0-20%

Ongoing charges3:

1.21%

1 Includes net revenue of 1.59p. 2 The Company does not have any shares held in treasury at the present time. 3 Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2021.

Sector Overview

Mining

40.0%

Traditional Energy

37.2%

Energy Transition

22.7%

Net Current Assets

0.1%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

17.4

Global

55.8

Copper

7.6

USA

21.0

Industrial Minerals

7.0

Canada

10.4

Aluminium

3.0

Latin America

5.1

Steel

2.2

Germany

3.4

Diamonds

0.9

Australia

2.7

Nickel

0.7

Ireland

0.5

Iron

0.6

France

0.5

Gold

0.6

India

0.5

Subtotal Mining:

40.0

Net Current Assets

0.1

-----

Traditional Energy:

100.00

E&P

19.3

=====

Integrated

11.4

Distribution

2.3

Refining & Marketing

2.1

Oil Services

2.1

Subtotal Traditional Energy:

37.2

Energy Transition:

Electrification

7.0

Energy Efficiency

7.0

Renewables

4.5

Transport

4.2

Subtotal Energy Transition:

22.7

Net Current Assets

0.1

----

100.0

=====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current assets figure shown in the tables above therefore exclude bank overdrafts equivalent to 5.5% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Glencore

Global

6.3

First Quantum Minerals

Global

Equity

2.8

Bond

1.6

Vale

Latin America

Equity

2.7

Bond

1.4

Shell

Global

3.9

ConocoPhillips

Global

3.2

Albemarle

Global

3.1

Teck Resources

Global

2.9

BP

Global

2.9

NextEra Energy

United States

2.8

Freeport-McMoRan

United States

2.8

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted: The Company’s NAV returned +5.4% during the month of August (in Sterling terms with dividends reinvested). World markets were impacted by central banks’ commitment to bring inflation under control, despite the risks to the growth outlook. Whilst economic data showed weakness in July, the data was generally better than expected in August, as shown by economic surprise indices. Global inflation pressures also started to ease on the back of lower commodity prices. However, the level of uncertainty about the outlook for the global economy remains elevated, particularly in Europe. In China, economic data was weaker following continued Covid related restrictions and power shortages that have impacted on economic activity. Consequently, commodity markets more broadly came under pressure, with natural gas an exception due to Russia reducing supply to Europe, which drove power prices higher. Against this uncertain macroeconomic backdrop, world markets came under pressure, with the MSCI All Country World Index returning -3.9% during the month of August. Within the traditional energy space, the Brent and WTI (West Texas Intermediate) oil prices fell by 13.4% and 11.2%, ending the month at $97/bbl and $90/bbl respectively.  Russia continued to reduce natural gas flows to Europe via the Nord Stream pipeline following additional sanctions and switched off the pipeline after the month end. The EU reported that gas storage had reached its target of 80%. Mined commodity performance was negative during the month, with iron ore (62% fe), copper and gold prices down by 16.2%, 1.1% and 2.5% respectively. Turning to the miners, we saw some production issues through the reporting season but cost inflation generally wasn’t as bad as feared and companies remain focused on dividends and buybacks. Supply-side issues were particularly notable in the copper market, where we have seen over 600k tonnes of production downgrades this year. Within the energy transition theme, global regulatory momentum continues for sustainable energy. The US passed the $369bn Inflation Reduction Act, which contained major provisions in support of increasing the pace of decarbonisation. The policy actively supports all aspects of the energy transition on a level not seen before. Key points include an extension of tax credits for wind and solar power for at least 10 years; EV battery and materials sourcing; low carbon hydrogen production, new EV tax credits and EV charging infrastructure; building sector support to reduce emissions and carbon capture and storage. 20 September 2022 ENDS

Latest information is available by typing www.blackrock.com/uk/beri 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.