Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 November 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

-4.5%

-3.0%

-26.8%

-29.4%

-38.9%

-43.2%

Share price

-7.7%

-2.0%

-29.8%

-34.8%

-41.5%

-45.2%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

58.39p

Net asset value cum income*:

60.07p

Share price:

59.75p

Discount to NAV (cum income):

0.5%

Net yield:

10.0%

Cash - cum income:

0.6%

Total assets^^:

£71.2m

Ordinary shares in issue:

115,568,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.5%

* Includes net revenue of 1.68p. ^^ 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.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Integrated Oil

35.9

Global

41.1

Exploration & Production

15.4

USA

23.4

Diversified Mining

14.5

Canada

12.9

Copper

9.1

Europe

8.6

Distribution

4.6

Africa

3.9

Gold

4.0

Latin America

2.9

Fertilizers

3.7

Australia

1.6

Nickel

2.7

Asia

1.5

Silver

2.6

China

1.0

Oil services

1.8

Net current assets

3.1

Diamonds

1.6

-----

Coal

1.0

100.0

Net Current assets

3.1

=====

-----

100.0

=====

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

Company

Region of Risk

% Total Assets

ExxonMobil

Global

6.1

First Quantum Minerals

Global

5.4

BHP Billiton

Global

5.3

Rio Tinto

Global

5.3

Chevron

Global

5.2

Royal Dutch Shell ‘B’

Global

4.9

ConocoPhillips

USA

4.8

Enbridge Income Fund Trust

Canada

4.6

Statoil

Europe

4.2

BP

Global

4.0

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

Following a strong October the natural resources sector returned to a negative trend in November, led by significant falls in the mining shares. Energy shares fell slightly during the month but fared significantly better than the oil price itself, which plunged by 13% (WTI, in US$). This fall in oil prices was driven by global oil supply remaining resilient, Libya signalling its intention to increase output and market concerns around Iran ramping up supply faster than expected in 2016 when sanctions are lifted. Natural gas prices declined by over 15% in the US as unusually warm weather suppressed demand for heating – there is a risk this demand remains subdued especially in the East as El Nino conditions typically lead to warmer than average winters.

The fall of c.12% in the mining shares (Euromoney Global Mining Index) was driven by declines of between 8% and 12% in the base metals and a fall of almost 14% in the iron ore price. Continued oversupply in these markets, resulting from weaker than expected Chinese demand, along with financial selling has driven prices lower during the year. We are starting to see some significant supply cuts announced in certain metals but these have yet to have an impact on price given the level of above ground inventories. Those commodities where producers are curtailing supply, such as zinc and copper, are likely to be the first to find price floors.

Despite the challenging equity market conditions, M&A activity continues apace in the sector. Anadarko approached Apache but the takeover offer was rejected – the portfolio’s holding in Anadarko was a detractor from performance as the market was concerned about its plans to be acquisitive. We have seen record levels of M&A activity in the energy sector in 2015 and would expect this theme to continue into 2016 driven by both defensive transactions to repair balance sheets and offensive transaction as acquirers look to take advantage of perceived long term value opportunities presented by this market downturn.

18 December 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.