Portfolio Update

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

All information is at 31 March 2018 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

-1.6%

-7.3%

0.9%

-3.7%

10.4%

-13.1%

Share price

-6.0%

-4.3%

2.7%

-0.1%

3.4%

-17.4%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

74.86p

Net asset value cum income*:

75.34p

Share price:

72.00p

Discount to NAV (cum income):

4.4%

Net yield:

5.6%

Gearing - cum income:

7.9%

Total assets^:

£95.2m

Ordinary shares in issue:

118,966,000

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.4%

* Includes net revenue of 0.48p. ^ 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 2017.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Diversified Mining

32.3

Global

63.2

Integrated Oil

23.9

USA

12.4

Exploration & Production

14.3

Canada

11.4

Gold

9.0

Latin America

5.6

Copper

8.1

Australia

3.3

Industrial Minerals

3.7

Europe

2.6

Diamonds

2.3

Africa

1.9

Oil Sands

1.9

Mali

1.2

Silver

1.8

Net current liabilities

(1.6)

Oil Services

1.8

-----

Steel

1.4

100.0

Distribution

1.1

=====

Net current liabilities

(1.6) ----- 100.0 -----

Ten Largest Investments

Company

Region of Risk

% Total Assets

Rio Tinto

Global

8.5

BHP

Global

7.7

First Quantum Minerals

Global

6.5

Royal Dutch Shell ‘B’

Global

6.4

Glencore

Global

6.3

Chevron

Canada

4.4

BP

Global

4.1

Exxon Mobil

Global

3.6

Teck Resources

Global

3.1

Vale – ADS

Latin America

3.1

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

The Company’s NAV declined by 1.6% during the month of March (in GBP terms with dividends reinvested). At a macroeconomic level, the US reported a large increase in monthly employment growth and the US Federal Reserve raised rates as expected and signalled two further increases for 2018. The US Administration announced personnel changes that were perceived as increasing market risk, due to the high levels of turnover in the Administration. President Trump replaced Rex Tillerson with Mike Pompeo as Secretary of State, and John Bolton was appointed as National Security Advisor. The US announced proposals for further tariffs that targeted Chinese exports and China responded with proposed tariffs on US goods. Whilst the outlook for global economic growth remains positive, these events created significant market volatility and the mining sector came under pressure as the broader stock market fell over the month, with the global MSCI World Index falling by 2.2% and giving back some of the strong gains of 2017. Within the mining sector, bulk commodity prices fell, with coking coal prices down by approximately 17% and iron ore down by 19% over the month. Chinese steel inventories have built more than expected over the winter shutdown period, although we are now seeing these draw. Headline demand for steel appears to have reduced, seen through falling steel margins and softness in Chinese house prices. Base metal prices also weakened and the copper price fell by 3%. Within precious metal gold rose 0.3% and silver fell by 0.7% as both displayed resilience and outperformed other metals. Following weakness in the oil market during February, Brent and WTI increased by 4.4% and 5.6% respectively in March and finished the month at $69/bbl and $63/bbl. In its monthly Oil Market Report, the International Energy Agency (IEA) highlighted a number of supportive data points, including supply and demand becoming more closely aligned, OECD stocks falling close to average levels and the forward price curve in backwardation. We retain our view that oil prices are now at a more sustainable level and we expect them to remain relatively range-bound at current levels in 2018.  Turning to energy equities, the MSCI World Energy 10/40 index outperformed broad equity markets during the month, although the energy equities have continued to lag moves in the oil price. Capital discipline continues to be a key theme across the industry and during the month we saw a number of announcements highlighting this from the exploration & production (E&P) sub-sector; Devon Energy increased its dividend by 33%, Hess raised its previously share buy-back from $0.5bn to $1.5bn and Canadian Natural Resources announced a material increase to its dividend. All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.

18 April 2018

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.