Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 May 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

-7.0%

13.1%

8.8%

-20.4%

-33.7%

-44.4%

Share price

-6.6%

9.5%

9.2%

-23.4%

-34.9%

-44.2%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

61.27p

Net asset value cum income*:

62.07p

Share price:

62.00p

Discount to NAV (cum income):

0.1%

Net yield:

9.7%

Gearing - cum income:

2.8%

Total assets^^:

£77.5m

Ordinary shares in issue:

117,968,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.4%

* Includes net revenue of 0.80p. ^^ 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

26.5

Global

46.3

Exploration & Production

19.7

USA

23.6

Diversified Mining

13.5

Canada

8.4

Gold

13.2

Europe

4.8

Copper

9.3

Australia

4.5

Silver

3.1

Africa

4.1

Distribution

3.0

Latin America

3.4

Oil Services

2.0

Sweden

1.0

Nickel

1.9

Asia

1.0

Diamonds

1.8

Net current assets

2.9

Refining & Marketing

1.1

-----

Fertilizers

1.0

100.0

Zinc

1.0

=====

Net Current assets

2.9

-----

100.0

=====

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

Company

Region of Risk

% Total Assets

First Quantum Minerals

Global

7.4

Royal Dutch Shell ‘B’

Global

6.4

Exxon Mobil

Global

4.3

BHP Billiton

Global

4.3

Rio Tinto

Global

4.2

BP

Global

3.4

Occidental Petroleum

USA

3.3

ConocoPhillips

USA

3.1

Newcrest Mining

Australia

3.1

Enbridge Income Fund Trust

Canada

3.0

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

After strong performance year-to-date, commodities and the natural resources equities came under pressure in May, primarily driven by a strengthening US dollar and weak economic data from China; this included disappointing trade data and comments in a Communist party newspaper which implied a greater focus on debt sustainability and reform. The base metals sold off with nickel, aluminium and copper declining by 10.9%, 7.6% and 7.3% respectively, whilst iron ore plummeted by 23.9%. The energy commodities bucked this trend however, as Brent and WTI finished the month 7.4% and 6.8% higher respectively. The oil price rise reflected a number of factors including ongoing supply disruptions from both Canada, due to fires in the oil producing region of Alberta, and Nigeria, due to further militant attacks. In addition to these temporary conditions, the oil price has been supported by continuing signs that non-OPEC supply is rolling over, which has been particularly visible in the weekly data from the US. On the demand side the Energy Information Administration revised its demand forecasts up for 2016 and 2017. Global demand growth in 2016 is now forecast to be 1.4 million barrels/day (mbbl/d), and 1.5 mbbl/day in 2017, due to higher demand from China and India. Merger and acquisition activity continued to make headlines in the energy sector as exploration & production company (E&P) Oil Search announced its intention to acquire InterOil, a Papua New Guinea explorer, for $2.2 billion. The company also announced that once completed, it will sell the majority of the acquired assets to integrated energy company Total. Elsewhere, oil services companies FMC Technologies and Technip agreed a merger in an all-stock deal worth $13 billion, whilst the oil services giants Halliburton and Baker Hughes were forced to abandon their potential merger due to anti-trust concerns. In mining sector news, Freeport McMoRan announced that it had struck a deal to sell its stake in Tenke, a copper mine in the Democratic Republic of Congo (DRC) to China Molybdenum (CMOC) for $2.65bn in cash as it stepped up efforts to reduce its debt burden. The company also said it was in talks to sell its interests in Freeport Cobalt, its Finnish cobalt refinery, and the Kisanfu exploration project in the DRC to CMOC for $100m and $50m respectively. We reweighted the portfolio over the month, trimming our mining exposure and adding to our energy holdings. Share prices in the mining sector had moved ahead of underlying fundamentals in our view and we recycled the capital into our favoured US-based energy E&P companies.

21 June 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.