Portfolio Update

BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 31 May 2022 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

7.5%

17.0%

35.9%

43.2%

109.5%

140.3%

Share price

9.2%

18.8%

49.7%

44.3%

138.4%

155.3%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

137.37p

Net asset value cum income1:

138.65p

Share price:

142.00p

Premium to NAV (cum income):

2.4%

Net yield:

3.0%

Gearing - cum income:

8.4%

Total assets:

£179.6m

Ordinary shares in issue2:

129,540,391

Gearing range (as a % of net assets):

0-20%

Ongoing charges3:

1.21%

1 Includes net revenue of 1.28p. 2 Excluding 0 ordinary shares held in treasury. 3 Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2021.

Sector Overview

Traditional Energy

41.2%

Mining

37.2%

Energy Transition

21.8%

Net Current Liabilities

-0.2%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

18.9

Global

50.7

Industrial Minerals

6.3

USA

18.7

Copper

3.0

Canada

12.8

Steel

2.8

Latin America

6.5

Gold

1.9

Germany

4.2

Aluminium

1.9

Australia

3.9

Diamonds

0.9

Spain

1.6

Nickel

0.9

Ireland

0.7

Iron

0.6

France

0.6

Subtotal Mining:

37.2

India

0.5

Net Current Liabilities

-0.2

Traditional Energy:

E&P

17.1

-----

Integrated

14.2

100.00

Refining & Marketing

4.1

=====

Oil Services

3.7

Distribution

2.1

Subtotal Traditional Energy:

41.2

Energy Transition:

Electrification

7.0

Energy Efficiency

6.8

Transport

4.8

Renewables

3.2

Subtotal Energy Transition:

21.8

Net Current Liabilities

-0.2

----

100.0

=====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current liabilities figure shown in the tables above therefore exclude bank overdrafts equivalent to 8.2% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Glencore

Global

6.6

Vale

Latin America

Equity

3.9

Bond

1.5

Shell

Global

3.1

ConocoPhillips

Global

2.6

Suncor Cenovus Energy First Quantum Minerals

Canada Canada Global

2.6 2.5

Equity

1.7

Bond

0.8

TotalEnergies

Global

2.5

Samsung

Global

2.5

RWE

Germany

2.4

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted: The Company’s Net Asset Value (NAV) per share increased by 7.5% during the month of April (in Sterling terms with dividends reinvested). Global stock markets ended May broadly flat. Commodity prices remained elevated, partly due the war in Ukraine and the continued sanctions on Russia, which are underpinning higher inflation prints in the US and Europe, increasing pressure on central banks to raise interest rates.  Prices for most mined commodities were down in May, as lockdowns in China and high energy costs in Europe dampened demand expectations. For reference, copper, nickel and iron ore (62% fe.) prices were down by -3.3%, -10.7% and -4.2% respectively over the month. Mining equities were resilient given these moves, reflecting market expectations around longer term commodity prices and supply and demand tightness being relatively unchanged. The lockdowns in China translated into weaker economic data, with property data and the Purchasing Managers' Index (PMI) statistics particularly challenged. However, it is worth highlighting that we have since started to see evidence of the situation improving. Beijing and Shanghai are beginning to reopen and there have been supportive announcements from the Chinese government in terms of infrastructure spending commitments and help for first-time property buyers. Traditional Energy equities rose in May on higher oil and gas. Overall oil demand remained strong despite COVID related local lockdowns in China, with signs that such restrictions are beginning to ease. The UK Government announced a windfall tax on oil and gas companies. The earnings impact for an individual company will depend on the proportion of UK energy assets they have and so for the large integrated energy companies with global energy assets, the impact on earnings will be relatively lower than for more domestically focused producers. OPEC continued to increase oil supplied to the market but appear to be supplying below quotas it has set. As reported in April, the oil products market remains tight with margins for diesel at exceptionally high levels. Natural gas prices remined elevated in the US, with the US Henry Hub price rising by a further 12.4% to $8.15/mmbtu. The Brent and WTI (West Texas Intermediate) oil prices rose by 15.8% and 9.5%, ending the month at $126/bbl and $115/bbl respectively. Within the energy transition theme, towards the end of the month there was some anticipation the anti-circumvention measures around imports of solar panels into the US may be less restrictive than initially indicated. The EU provided additional comments on its REPowerEU proposal to accelerate renewable electricity generation and reduce dependence on imported Russian energy. China announced plans to stimulate broader auto sales, whilst in the UK, there was concern that an announced windfall tax on oil & gas companies may be extended to the utilities sector. 20 June 2022

ENDS

Latest information is available by typing www.blackrock.com/uk/beri 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.