Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 May 2012 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       -9.5%    -18.0%   -13.5%   -23.6%     21.3%    4.7%
Share price           -8.8%    -14.9%    -8.9%   -21.1%     24.1%   15.0%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:     109.29p
Net asset value - cum income**:     110.83p
Share price:                        113.63p
Premium to NAV (cum income):           2.5%
Net yield:                             5.1%
Gearing - cum income:                  1.2%
Total assets^^:                    £104.31m
Ordinary shares in issue:        93,008,000

Since 1 June 2012, 250,000 shares have been issued increasing the issued share
capital to 93,258,000.

**Includes net revenue of 1.54p.
^^includes current year revenue.

Sector                   % Total     Country                   % Total
Analysis              Cap Assets     Analysis               Cap Assets

Integrated Oil              30.5     Global                       28.8
Diversified                 19.1     Canada                       22.8
Exploration & Production    12.1     USA                          21.7
Copper                       5.3     Latin America                 7.5
Oil Services                 5.0     Europe                        6.2
Gold                         4.9     Asia                          5.0
Iron Ore                     4.4     South Africa                  4.5
Oil Sands                    4.3     Australia                     1.6
Fertilizer                   3.1     China                         1.6
Coal                         2.9     Africa                        0.7
Distribution                 2.6     Current assets               (0.4)
Aluminium                    2.5                                 -----
Tin                          1.5                                 100.0
Zinc                         0.8                                 =====
Platinum                     0.8
Nickel                       0.6
Current assets              (0.4)
                           -----
                           100.0
                           =====

Ten Largest Equity Investments (in alphabetical order)
Company                      Region of Risk

BHP Billiton                    Global
Chevron                         Global
ExxonMobil                      Global
Kumba Iron Ore                  South Africa
Occidental Petroleum            USA
Peyto Exploration & Development Canada
Rio Tinto                       Global
Teck Resources                  Canada
Total                           Global
Vale                            Latin America

Commenting on the markets, Richard Davis, representing the Investment Manager
noted:

Commodities and equities sold off during the month as the outlook for the
global economy deteriorated.  In addition to the uncertainties in the Eurozone,
there were data points from China, including disappointing electricity
generation numbers that caused concern about economic activity in the world's
largest commodity consumer.  However, the decision to reduce interest rates by
0.25% and the latest commodity import data may be more indicative of a 'soft
landing' scenario.

In the mining sector, copper and platinum were some of the worst performers,
falling by 12.9% and 10.5% respectively (in US Dollar terms).  In energy
markets, Brent crude declined by 14.0% to finish at US$101.9/Bbl, while US
natural gas prices continued their modest recovery, gaining 11.4% to end the
month at $2.3/MMBtu.  Drilling for natural gas in North America has moderated
significantly over recent weeks: under 600 rigs were drilling for natural gas
at the end of May compared to over 900 in October last year (source: Baker
Hughes Rig Count).

Softening demand, in line with economic weakness, was the key factor in crude's
14% decline. The US Energy Department released data showing inventories and
stockpiles at elevated levels.  Meanwhile, talks between Iran and the IAEA, the
UN nuclear watchdog, have made discernible progress which alleviated some of
the supply side tension that has been so prevalent in the oil market over
recent months.  European sanctions on Iran are scheduled to start formally on 1
July, which will increase the mounting pressure on the country.  Mining and
energy equities closed the month down 12.0% and 7.6% respectively (in Sterling
terms).

20 June 2012


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.