Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 December 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

-6.7%

-2.7%

-25.1%

-32.3%

-43.7%

-52.8%

Share price

-5.4%

-1.3%

-27.2%

-32.9%

-43.1%

-54.5%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

54.17p

Net asset value cum income*:

54.54p

Share price:

55.00p

Premium to NAV (cum income):

0.8%

Net yield:

10.9%

Gearing - cum income:

4.2%

Total assets^^:

£66.5m

Ordinary shares in issue***:

115,568,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.5%

* Includes net revenue of 0.37p. ^^ 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 115,818,000.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Integrated Oil

35.4

Global

42.4

Diversified Mining

13.4

USA

22.4

Exploration & Production

12.7

Canada

12.3

Copper

9.8

Europe

8.6

Gold

5.9

Africa

4.4

Nickel

5.9

Latin America

3.2

Distribution

4.6

Australia

3.0

Fertilizers

3.7

Asia

1.4

Silver

2.7

China

1.1

Diamonds

1.8

Net current assets

1.2

Oil services

1.8

-----

Coal

1.1

100.0

Net Current assets

1.2

=====

-----

100.0

=====

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

Company

Region of Risk

% Total Assets

ExxonMobil

Global

6.4

First Quantum Minerals

Global

6.2

BHP Billiton

Global

5.7

Chevron

Global

5.6

Royal Dutch Shell ‘B’

Global

4.9

Enbridge Income Fund Trust

Canada

4.6

Statoil

Europe

4.2

MMC Norilsk Nickel

USA

4.1

BP

Global

3.9

Rio Tinto

Global

3.9

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

Despite some relative strength following the long awaited announcement of the US rate rise at the end of the year, the natural resources sector fared worse than many other equity sectors in December; the S&P Global Natural Resources Index finished the period down by 5.1% compared with a 1.8% fall in the MSCI World Index. Mined commodities posted some positive performance with copper, zinc and aluminium rising by 2.3%, 3.1% and 2.3% respectively. However, at the end of the year most mined commodities were trading well below marginal cost and a significant proportion of overall mined production was in loss-making territory. Brent and WTI oil prices declined by 17.3% and 8.2% respectively, finishing the year at seven year lows of $36/bbl and $37/bbl.

There was little surprise early in the month when OPEC announced it would not be cutting production, nor imposing new production quotas, for its members. The market did however appear unsettled by the level of discord evident within the organisation and some market players questioned whether OPEC production would be rationed no matter how low prices fall. Later in the month, US politicians approved a measure to remove the 40 year ban on US crude oil exports. This development is not expected to result in substantial volumes being exported from the US as the country currently consumes approximately 11 million barrels per day more than it produces.

In company news, Anglo American suffered dramatic selling during the month as it announced a restructuring program in an attempt to address its struggling balance sheet. The company plans to raise $4 billion from asset sales, pare its business down to three divisions from six and has suspended dividends until the end of 2016. In addition, the company, which is the world's fifth-biggest global miner by market value, said it planned to reduce its workforce to just 50,000 from 135,000 at the time of the announcement.

US E&P Devon Energy also suffered selling after the company announced it had agreed to acquire $1.9 billion of Woodford shale assets from private E&P Felix Energy. Whilst, in our view, the deal is strategically sensible for Devon Energy, the company’s share price was negatively impacted by the news as the market became concerned about the debt burden it took on to finance the deal.

20 January 2016

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.