Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 May 2015 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

-4.9%

-1.6%

-3.6

-17.8%

-8.6%

-12.8%

Share price

-1.5%

0.4%

-7.1%

-15.7%

-7.7%

-9.6%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

84.18p

Net asset value cum income*:

85.70p

Share price:

88.88p

Premium to NAV (cum income):

3.7%

Net yield:

6.8%

Gearing - cum income:

Nil

Total assets^^:

£94.2m

Ordinary shares in issue***:

108,658,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.5%

* Includes net revenue of 1.52p. ^^ 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 2014. ***The number of ordinary shares in issue has subsequently increased to 109,418,000.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Integrated Oil

31.2

Global

42.0

Diversified

17.7

USA

23.2

Exploration & Production

13.9

Canada

11.0

Copper

10.0

Europe

9.2

Gold

5.4

Africa

4.1

Distribution

4.7

Latin America

3.6

Nickel

4.2

Asia

2.0

Silver

2.5

Australia

1.9

Coal

2.2

China

1.2

Diamonds

1.7

Net current assets

1.8

Oil Services

1.6

-----

Oil Sands

1.4

100.0

Agriculture Science

1.0

=====

Iron Ore

0.4

Fertilizers

0.3

Net Current Assets

1.8

-----

100.0

=====

Ten Largest Equity Investments (in % of Total Assets order)

Company

Region of Risk

% Total Assets

BHP Billiton

Global

5.8

Chevron

Global

5.4

ExxonMobil

Global

5.3

Rio Tinto

Global

4.9

Enbridge Income

Canada

4.7

First Quantum Minerals

Global

4.5

Eni

Europe

3.4

Glencore

Global

3.4

ConocoPhillips

USA

3.3

MMC Norilsk Nickel

USA

3.3

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

Following April’s strong performance, the natural resources sector consolidated in the first two weeks of the month before selling-off quite heavily towards the end of the period. Although the spot oil price (WTI) closed the month at a very similar level to the start, oil for 2018 delivery fell by a couple of dollars, causing oil-related equities to fall (for reference the MSCI World Energy Index fell by 4.6% in the month).

Economic and trade data from China continued to be sluggish and combined with a moderately stronger US dollar, many of the mined commodities finished down on the month. Against the trend, iron ore continued its advance rising by 9.3% to US$61/tonne (62% Fe, source: CLSA), helped by falling port inventories during the month. Despite the 30% rally in the iron ore price from its April lows, we remain cautious on our outlook given planned low cost production growth from the major producers, as well as the potential for higher cost supply to restart given more buoyant prices.

Encouragingly, recent monetary policy easing in China, such as the reserve rate cuts announced earlier this year, appear to be starting to have a positive effect with property sales volumes rising sharply versus the first quarter and prices in some of the major cities also rising. In addition a number of property developers on one of our recent research visits to China noted the possible positive wealth effects of the A-share bull market.

The trend of increased corporate activity continued into May, with a number of actions in the US exploration and production sector.  Cimarex raised capital in the equity markets, enabling the company to continue its drilling program. In the M&A space, Noble Energy announced an all-stock acquisition of Rosetta, a US E&P focussed in the Eagle Ford and Permian that was a circa 50bps position in the portfolio at the time the takeover was announced. Finally Crescent Point, currently not a portfolio holding, announced the proposed acquisition of Legacy Oil and Gas, also in an all-share transaction.

17 June 2015

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.