Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 June 2016 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

17.2%

22.8%

36.8%

2.4%

-15.4%

-35.0%

Share price

7.4%

7.4%

24.1%

-9.6%

-22.1%

-41.5%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

71.60p

Net asset value cum income*:

71.10p

Share price:

65.00p

Discount to NAV (cum income):

8.6%

Net yield:

9.2%

Gearing - cum income:

2.9%

Total assets^^:

£88.8m

Ordinary shares in issue:

117,968,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.4%

* Includes net revenue of -0.50p. ^^ 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 2015.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Integrated Oil

24.2

Global

51.3

Exploration & Production

17.8

USA

21.0

Gold

17.6

Canada

8.3

Diversified Mining

14.5

Latin America

4.7

Copper

9.1

Australia

4.6

Distribution

3.0

Africa

3.2

Silver

3.0

Europe

2.1

Oil Services

1.9

Sweden

1.1

Diamonds

1.7

Asia

0.9

Nickel

1.3

Net current assets

2.8

Zinc

1.1

-----

Fertilizers

1.0

100.0

Refining & Marketing

1.0

=====

Net Current assets

2.8

-----

100.0

=====

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

Company

Region of Risk

% Total Assets

First Quantum Minerals

Global

7.3

Royal Dutch Shell ‘B’

Global

7.0

BHP Billiton

Global

5.3

Rio Tinto

Global

4.9

Exxon Mobil

Global

4.3

Barrick Gold

Global

4.3

Newcrest Mining

Australia

3.6

BP

Global

3.6

Occidental Petroleum

USA

3.1

Enbridge Income Fund Trust

Canada

3.0

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

Global equity markets, as referenced by the MSCI World Index (total return), declined by 1.1% in June. The Company’s net asset value (NAV) increased by 17.2% over the month. The surprise outcome of the UK’s European Union (EU) referendum (Brexit) was the primary driver of market moves.  The energy industry is predominantly a US dollar denominated global industry both in terms of costs and revenues and as such there is, in our view, little direct impact on the companies in this space. Brexit has however increased global uncertainty and increased the likelihood of a slowdown in global GDP; this could have a knock-on effect on consumption, ultimately leading to lower oil demand. Despite this risk, energy markets were relatively resilient through the market volatility with both WTI and Brent crude declining by 1.7% over the month. The mining sector continued its rally, after a brief pause in May, rebounding strongly as global volatility and uncertainty increased after the UK’s surprise decision to leave the EU. The base metals increased across the board with copper, aluminium and nickel finishing the month 3.1%, 6.4% and 9.3% higher respectively. Data from China has continued to be mixed; Infrastructure spend has held up well and May’s PMI data was unchanged from the previous month which provided price support. However, Chinese investment slowed to a 15 year low and fixed asset investment growth was disappointing, with a particularly strong deceleration in private investment. In the precious metals space, in the days and weeks prior to the vote, gold increased steadily as uncertainty and volatility rose. The gold market sold off somewhat directly before the vote as investors appeared to come to a consensus that a ‘remain’ vote was the most probable outcome. This reversed sharply as it became apparent on 24 June that the UK had voted in favour of leaving the EU. The gold price increased by 5% on the day of the result, with gold trading above $1,300/oz, and this price level has since held through the subsequent rebound in risk assets in the final days of the month to close the month at $1,321/oz. The Company outperformed the broader UK market following the Brexit decision, due to its precious metals exposure and currency exposure, as the large majority of the Company’s assets are denominated in US dollars. Given this exposure to US dollar based assets, the subsequent decline in sterling has also seen the Company trade at a -10% discount to NAV, having consistently traded at a premium over recent years. In sector news, on the final day of the month Exxon Mobil and Hess announced a significant oil discovery off the coast of Guyana. The deep-water Liza field, which is situated ~100 miles from the South American country, could hold as much as 1.4 billion barrels of oil equivalent, making it one of a handful of billion-barrel discoveries in the last half-decade. Exxon Mobil first found oil in the Liza field in 2015, when it drilled its first well there, but a second well found the potential for twice as much crude. All data points are in US dollar terms

20 July 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.