Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 30 September 2017 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

-1.1%

8.6%

-4.6%

5.5%

-8.1%

-11.4%

Share price

-0.1%

6.6%

-2.7%

0.0%

-15.1%

-17.1%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

75.33p

Net asset value cum income*:

76.61p

Share price:

72.00p

Discount to NAV (cum income):

6.0%

Net yield:

5.6%

Gearing - cum income:

8.8%

Total assets^:

£97.5m

Ordinary shares in issue:

118,768,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.4%

* Includes net revenue of 1.28p. ^ 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 2016.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Diversified Mining

29.0

Global

56.2

Integrated Oil

20.7

USA

14.9

Exploration & Production

17.6

Canada

13.4

Copper

10.2

Australia

5.6

Gold

9.3

Latin America

4.9

Distribution

3.7

Europe

3.0

Silver

2.6

Africa

1.9

Oil Sands

1.9

Mali

1.4

Oil Services

1.9

Asia

0.3

Industrial Minerals

1.6

Net current liabilities

(1.6)

Steel

1.4

-----

Industrial Resources

1.1

100.0

Diamonds

0.6

=====

Net current liabilities

(1.6)

-----

100.0

=====

Ten Largest Investments

Company

Region of Risk

% Total Assets

First Quantum Minerals

Global

9.0

Rio Tinto

Global

6.8

BHP

Global

6.7

Royal Dutch Shell ‘B’

Global

5.9

Glencore

Global

5.4

ExxonMobil

Global

4.3

Anadarko Petroleum

USA

3.7

BP

Global

3.0

Newcrest Mining

Australia

2.9

Teck Resources

Canada

2.8

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

The Company’s Net Asset Value (‘NAV’) per share declined by 1.1% during the month of September (in GBP terms). Sterling strengthened over the month with, for reference, the UK Pound Sterling Currency Index gaining +3.9%. The performance of the energy and mining sectors diverged during the month with energy strong and mining coming under pressure, a reversal of the trend seen so far in 2017. The energy sector was supported by an improvement in oil prices as Brent and WTI finished the month 8.2% and 9.3% higher at $57/bbl and $52/bbl respectively. The Brent forward curve moved into backwardation (meaning the price is higher today than for future delivery) driven by stronger-than-expected demand and signs of tightening in the market. Geopolitical tensions were also elevated as Turkey threatened to block Kurdistan’s oil exports. Meanwhile, the mining sector was held back by profit taking and gave back some of its strong year-to-date performance. For reference, the sector (as measured by the Euromoney Global Mining Index) was down by 0.5% during the month but remained up by 18.5% year-to-date. Mined commodity prices came under pressure almost across the board, having finished August at relatively elevated levels. The bulk commodities were the worst performing, with the iron ore (62% fe) price down by 20.0% to $62/tonne and the coking coal price down by 13.2% to $164/tonne. This follows a strong run for iron ore in recent months as steel companies looked to restock and run mills hard in anticipation of winter curtailments. The Company exited a position in a pure play iron ore producer at the beginning of the month. Lastly, the gold price was weak in September, falling by 2.5%, on US dollar strength and tensions easing somewhat between the US and North Korea. All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.

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.