Portfolio Update

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

All information is at 28 February 2023 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

-4.6%

-4.1%

6.2%

19.4%

138.6%

124.7%

Share price

-6.9%

0.8%

7.9%

15.9%

178.8%

123.8%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

137.23p

Net asset value cum income1:

137.94p

Share price:

135.00p

Discount to NAV (cum income):

2.1%

Net yield:

3.3%

Gearing - cum income:

8.7%

Total assets:

£187.0m

Ordinary shares in issue2:

135,586,194

Gearing range (as a % of net assets):

0-20%

Ongoing charges3:

1.13%

1 Includes net revenue of 0.71p. 2 Excluding 0 ordinary shares held in treasury. 3 The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended 30 November 2022. In addition, the Company’s Manager has also agreed to cap ongoing charges by rebating a portion of the management fee to the extent that the Company’s ongoing charges exceed 1.25% of average net assets.

Sector Overview

Mining

50.2%

Traditional Energy

30.0%

Energy Transition

21.0%

Net Current Liabilities

-1.2%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

22.7

Global

60.9

Copper

11.0

USA

17.6

Industrial Minerals

5.5

Latin America

8.7

Aluminium

3.6

Canada

6.5

Steel

2.8

Germany

3.7

Gold

1.9

Australia

2.8

Nickel

1.8

France

0.5

Uranium

0.9

Ireland

0.5

Platinum Group Metals

0.3

Net Current Liabilities

-1.2

Tin

-0.3

-----

Subtotal Mining:

50.2

100.0

=====

Traditional Energy:

Integrated

15.9

E&P

11.2

Distribution

1.3

Oil Services

1.1

Refining & Marketing

0.5

Subtotal Traditional Energy:

30.0

Energy Transition:

Energy Efficiency

6.8

Electrification

6.4

Transport

4.2

Renewables

3.6

Subtotal Energy Transition:

21.0

Net Current Liabilities

-1.2

----

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 7.4% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Vale

Latin America

Equity

4.6

Bond

1.2

Glencore

Global

5.4

Exxon Mobil

Global

4.8

Teck Resources

Global

4.5

BHP

Global

4.2

First Quantum Minerals

Global

Equity

1.9

Bond

1.4

BP

Global

3.2

Shell

Global

3.0

NextEra Energy

United States

2.8

Freeport-McMoRan

United States

2.5

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted: The Company’s Net Asset Value (NAV) per share decreased by 4.6% during the month of February (in GBP terms). After a strong start to 2023, resilient economic data released in February led to a move higher in bond yields and a subsequent decline in equity markets. Economic data has suggested that a recession may not be imminent, as was previously expected, therefore it appears that investors have reassessed their expectations for the peak in interest rates and the pace of rate cuts. Strong economic data is usually supportive for equity markets, however the prospect of less monetary easing in the near future has had the opposite effect. The ECB, Bank of England and the Fed all announced rate hikes at the start of February, which was in line with expectations. Against this backdrop, the MSCI All Country World Index returned -3.0% during the month. The mining sector underperformed broader equity markets during the month. Many of the miners reported full year results, with a key theme being production downgrades, which supports a tight outlook for mined commodity supply but, all else being equal, causes unit costs to be higher. Despite a slight easing in some input costs, this concern still remains an overhang, and sustaining capital intensity remains stubbornly high too.  Mined commodity prices were down across the board, with markets yet to see Chinese demand pull through but new loan data in China suggests this demand will be seen in the physical markets in the not too distant future. Within the traditional energy space, the EU banned imports of Russian oil products from 5th February, two months after imposing restrictions on seaborne crude shipments from the country. This was implemented alongside a further US-led price cap on Western shipping services. The Brent and WTI (West Texas Intermediate) oil prices fell by -0.3% and -2.4%, ending the month at $83/bbl and $77/bbl respectively. Within the energy transition theme, the European Commission set out plans to boost competitiveness in the green industry in response to the US Inflation Reduction Act. This, alongside the continued drive for global energy independence following the one-year anniversary of Russia invading Ukraine, provides a tailwind for the theme. 14 March 2023

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.