BlackRock Energy and Resources Income Trust plc

Half Yearly Financial Report 31 May 2024

Job No: 52409 Proof Event: 2 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: BRERIT Interim Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

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Financial highlights

as at 31 May 2024

121.50p

Ordinary share price

▲12.3%1,2

138.24p

Net asset value (NAV) per ordinary share

▲13.8%

1.83p

£172.2m

Net assets

2.250p Interim dividends

▲2.3%

3.7%2,3 Yield

Revenue earnings per ordinary share

Job No: 52409 Proof Event: 13 Black Line Level: 3 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: BRERIT Interim Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

▼22.7%

The above financial highlights are as at 31 May 2024 and percentage comparisons are against 30 November 2023. Revenue earnings per ordinary share percentage comparison is against 31 May 2023.

1 Mid-market share price and NAV performance are calculated in Pound Sterling terms with dividends reinvested.
² Alternative Performance Measures, see Glossary on pages 41 to 45.
3 Based on dividends paid and declared for the twelve months to 31 May 2024 and share price as at 31 May 2024.

As well as expanded demand for wind and solar, ambitions of a tripling in renewables capacity y 20ƃ0 conĞrmed at CP2ƈ in uai ill need to e matced it eually ambitious investments into electricity grids. PT CRTE ETERA EER

Why BlackRock Energy and Resources Income Trust plc?

Investment objective

The Company's objectives are to achieve an annual dividend target and, over the long term, capital growth by investing primarily in securities of companies operating in the mining and energy sectors.

Reasons to invest

Inflation sensitivity

A conviction-led approach, with the potential to benefit from inflation, delivering an attractive income from the best ideas in the Mining, Traditional Energy and Energy Transition sectors.

Energy Transition opportunities

Mining and Energy companies lie at the heart of the global economy. Without them, countries cannot grow and develop. Mining companies provide everything from materials to build wind turbines to lithium for electric cars. These companies provide an important role in the long-term de-carbonisation of the global economy. Energy companies power our cars, our homes and drive economic development. The path to a lower carbon global economy is forecast to disrupt many industries and business models creating remarkable opportunities. Investment in a specialist trust gives targeted exposure to these important companies, as it is positioned to capture such industry shifts and reap the benefits from this transition.

✔ Yield

The Company offers an attractive 3.7% dividend yield as at 31 May 2024, as the managers focus on higher quality companies with strong cash flows that are good allocators of capital. The Company's global nature means that the large majority of its holdings generate earnings from businesses around the world.

✔ Expertise

The Company's assets are managed by BlackRock's Natural Resources Team. The team have been running Mining funds since 1993, Traditional Energy funds since 1999 and Energy Transition funds since 2001. The team undertakes extensive, proprietary, on-the-ground research to get to know the management of the companies in which they invest.

✔ Flexibility

The Company's flexibility means that the portfolio will adapt as the demand for Mining, Energy and Energy Transition related stocks changes. This approach allows the team to change the portfolio makeup to select the best stocks to generate returns.

ESG integration

Consideration of Environmental, Social and Corporate Governance (ESG) insights and data is integrated within the investment process. The team's philosophy is that whilst ESG is only one of many factors that should be considered when making an investment, there is a positive correlation between good ESG and investment performance. Portfolio asset allocation reflects this. with a significant allocation to companies active in the Energy Transition sector. More details in respect of BlackRock's approach to ESG integration can be found on page 48 of the Annual Report for the year to 30 November 2023. Investors should note that no ESG focused investment strategy or exclusionary screens have been adopted by the Company. However, in active and advisory portfolios, BlackRock as Manager excludes companies that generate more than 25% of their revenues from thermal coal production.

A member of the Association of Investment Companies

Further details about the Company, including the latest annual and half yearly financial reports, fact sheets and stock exchange announcements, are available on the website at www.blackrock.com/uk/beri.

Section 1: Overview and performance

Glossary

Share fraud warning

GEOGLETE ET @ LOT LIGH ATTA BOLLALITATIOG
Financial highlights	1 2
Why BlackRock Energy and Resources Income Trust plc? Performance record	4
Chairman's Statement	5
	7
Investment Managers' Report
Section 2: Portfolio
Distribution of investments	16
Ten largest investments	17
Investments	19
Section 3: Governance
Interim Management Report and Responsibility Statement	22
Section 4: Financial statements
Consolidated Statement of Comprehensive Income	24
Consolidated Statement of Changes in Equity	25
Consolidated Statement of Financial Position	26
Consolidated Cash Flow Statement	27
Notes to the financial statements	28
Section 5: Additional information
Directors, management and other service providers	38
Shareholder information	39
Glossary	41

Performance record

	As at 31 May 2024	As at 30 November 2023
Net assets (£'000)1	172,233	162,362
Net asset value per ordinary share (pence)	138.24	123.58
Ordinary share price (mid-market) (pence)	121.50	110.40
Discount to net asset value2	12.1%	10.7%
	For the six months ended 31 May 2024	For the year ended 30 November 2073
Performance (with dividends reinvested)
Net asset value per share2	13.8%	(11.8)%
Ordinary share price2	12.3%	(15.2)%
Performance since inception (with dividends reinvested)
Net asset value per share2	255.3%	212.2%
Ordinary share price2	213.7%	179.4%
	For the six months ended 31 May 2024	For the six months ended 31 May 2073	Change 0/0
Revenue
Net profit on ordinary activities after taxation (£'000)	2,334	3,209	-27.3
Revenue earnings per ordinary share (pence)3	1.83	2.37	-22.7
Interim dividends (pence)
1st interim	1.125	1.10	2.3
2nd interim4	1.125	1.10	2.3
Total dividends payable/paid	2,250	2.20	2.3

Performance from 31 May 2019 to 31 May 2024

Sources: BlackRock and LSEG Datastream.

Performance figures are calculated on a mid-market basis in Pound Sterling terms, with dividends reinvested. Share price and NAV at 31 May 2019, rebased to 100.

1 The change in net assets reflects portfolio movements, the buyback of shares and dividends paid during the period.

2 Alternative Performance Measures, see Glossary on pages 41 to 45.

3 Further details are given in the Glossary on page 44.

4 Paid on 15 July 2024.

Chairman's Statement

Dear Shareholder

Adrian Brown Chairman

l am pleased to report that our portfolio has performed well during the six months to 31 May 2024, delivering strong absolute NAV returns. My fellow Board members and I believe that the Company remains well positioned to exercise flexibility to take advantage of the energy transition to a lower carbon global economy.

Market overview

At the start of the Company's financial year on 1 December 2023 and through into the first half of 2024, markets as a whole showed resilience driven initially by signs of easing inflation and expectations of interest rate cuts in the US and UK. Generally strong corporate earnings and labour markets, as well as enthusiasm for Al. helped markets subsequently look through stubbornly high core services inflation (and consequently higher for longer interest rates) and political uncertainty, although some cracks are starting to show as of the time of writing. Given the mix of opportunity and risks, the Board is confident in your Company's 3-pronged investment strategy (Mining, Traditional Energy and Energy Transition), giving the portfolio managers the flexibility to be able to manoeuvre the portfolio around volatile markets to invest in stocks where they think the best investment opportunities can be found. The portfolio managers decreased Traditional Energy exposure through 2023 and into 2024, to stand at 28.3% at the end of the period, and increased the weighting in the Energy Transition sector to 26.3% at 31 May 2024.

Performance

During the six months ended 31 May 2024, the Company's net asset value (NAV) per share rose by 13.8% and its share price rose by 12.3% (both percentages in Pound Sterling terms with dividends reinvested). Although the Company does not have a formal benchmark, to set this in the context of the market backdrop, the MSCI ACWI Metals and Mining Index rose by 10.6%, S&P Clean Energy Index rose by 5.5% and the MSCI World Energy Index rose by 9.7% over the same period (all percentages in Pound Sterling terms with dividends reinvested).

As noted above, the Board does not formally benchmark the Company's performance against Mining and Energy sector indices because meeting a specific dividend target is not within the scope of these indices and also because no index appropriately reflects the Company's blended exposure to the Energy (including the Energy Transition) and Mining sectors. For internal monitoring purposes, however, the Board compares the performance of the portfolio against a bespoke internal Mining and Energy composite index. The neutral sector weightings of this bespoke index are 40% Mining, 30% Traditional Energy and 30% Energy Transition.

Further information on investment performance is given in the Investment Managers' Report.

Revenue return and dividends

Te Companyļs reenue return per sare or te si Řmont period as Ɓİƈƃ pence per sareı a decrease o 22İ7Ǧ oer te same period last year (the revenue return for the six months to 31 May 2023 as 2İƃ7 pence per sareťİ Te Boardļs current taret is to declare uarterly diidends o at least ƁİƁ25 pence per sare in te year to ƃ0 oemer 2024ı makin a total o at least 4İ50 pence per sare or te year as a oleİ Tis taret represents a yield o ƃİ7Ǧ ased on te sare price o Ɓ2Ɓİ50 pence per share as at 31 May 2024, and ƃİƈǦ ased on te sare price o ƁƁ7İ00 pence per share at the close of business on 29 July 2024. Wen te Companyļs net reenue is insuicient to meet te diidend paymentsı te Boardļs policy is to utilise te considerale distriutale reseresı includin roup reenue reseres o ƃİ46p per sare as at ƃƁ ay 2024 Ťater adustin or te second interim diidend or 2024ť to meet any sortallİ Tis enales te portolio manaers to ocus on total return from their investment selections.

Te irst uarterly interim diidend o ƁİƁ25 pence per sare as paid on 26 April 2024 and te second uarterly interim diidend o ƁİƁ25 pence per sare as paid on Ɓ5 uly 2024 Ťour uarterly interim diidends eac o ƁİƁ0 pence per sare were paid in the twelve months ended 30 November 2023).

Te Company may rite options to enerate reenue returnı altou te portolio manaersļ ocus is on inestin te portolio to enerate an optimal leel o total return itout striin to meet an annual income taret rom option ritinİ Conseuentlyı tey will only enter into option transactions with the intention that the overall contribution is beneficial to total return.

Gearing

Te Company operates a le ile earin policy ic depends on preailin market conditionsİ It is not intended tat earin ill e ceed 20Ǧ o te ross assets o te Companyİ Te ma imum earin used durin te period as Ɓ4İƈǦı and te leel o earin at ƃƁ ay 2024 as Ɖİ6Ǧİ or calculationsı see te lossary on paes 4Ɓ and 42İ

Management of share rating

Te irectors reconise te importance to inestors tat te Companyļs sare price sould not trade at a siniicant premium or discount to Aı and tereoreı in normal market conditionsı may use te Companyļs sare uyackı sale o sares rom treasury and share issuance powers to ensure that the share price is broadly in line with the underlying NAV. The Board seeks to balance this aim, and to control discount volatility, against its desire to avoid excessive buybacks which impact the size of te Company and ence te liuidity o its sares and te noin Cares Ratioİ

urin te period under reieı te discounts on Inestment Trusts in eneral ae remained at close to istorically i leels - the average discount for the Investment Trusts sector (ex 3i Group) has been 15.5Ǧ Ř and in tis conte tı your Companyļs sares ae een tradin at a discount eteen ƈİ0Ǧ and Ɓ4İƁǦ oer te period under reie it an aerae discount o ƁƁİ2Ǧİ Te Company as therefore actively intervened to control the discount and has out ack 6ıƈ00ı000 sares or costs o ż7ı6ƈ4ı000ı representin an aerae discount o Ɓ2İ6Ǧ. All shares were bought back at a discount to NAV, delivering an uplift to the NAV per share of 0.5Ǧ or continuin sareolders or te period under reieİ ince ƃƁ ay 2024 and as at 29 July 2024ı te Company as out ack Ɓıƈ4Ɓı6Ɖ7 shares for costs of £2ıƁ72ı000 and at an average discount of Ɓ0İ7Ǧİ As at 2Ɖ uly 2024 te Companyļs sares are tradin at a discount o 10.0Ǧİ

Market outlook & portfolio positioning

espite te current political uncertaintyı te onoin drie y oernments to address climate cane and decaronise te enery supply cain remains an important ackdrop or te Companyļs tree pillarsı o Traditional Eneryı inin and etals and Enery Transitionİ Te Board considers tat all tree sectors ae an important role to play as te enery system transitions to a lower carbon economy. Traditional energy is needed to support base load energy to continue to power economies during the transition. The Metals and Mining sector provides the material supply chain for low carbon technologies from steel for wind turbines to lithium for electric cars. The path to a lower carbon economy is also expected to disrupt many industries and usiness models it scope or te Company to inest directly in opportunities in te Enery Transition spaceİ Aainst tis ackdropı te le iility o te Companyļs inestment mandate it te aility to sit e posure eteen Traditional Eneryı Enery Transition and inin sectorsı means tat it is uniuely positioned to sere inestors as tese sectors evolve.

Te Board is conident tat te Company remains ellŘplaced to eneit rom tese key inestment trends oer te lon termİ

Adrian Brown Cairman 31 July 2024

Investment Managers' Report

Tom Holl

Market overview

Mark Hume

The first six months of 2024 saw strong momentum in the broader equity markets carry over from 2023. Whilst the Company's net asset value per share (NAV) saw a positive return, it again lagged the overall equity market as all three sectors the Company invests in lagged broader markets, which were once again driven in a narrow fashion by the spectacular performance of a small group of technology and artificial intelligence (Al) related companies. See Figure 1 below.

Figure 1: Top 5 contributing stocks by year (% return contribution to overall return on S&P 500 Index)

Source: Baird.

Whilst the market excitement about Al has naturally focused on the relevant technology companies and associated industrial companies that will benefit from the step change in demand for cooling etc., there has been less attention paid to the energy and materials side of the equation. Just like the energy transition, the growth in Al is going to be materials and energy intensive as well as compounding some of the bottlenecks faced by the energy transition. We see some exciting opportunities associated with grid spending that is required to cope with the electricity demand growth as well as the grids. These investments are critical to cope with the rising complexity of grid management resulting from the higher proportion of intermittent generation from sources such as solar and wind.

Although the market has been pre-occupied with the timing and pace of interest rate cuts in the major economies, we have not viewed delays in rate cut expectations as a concern. The higher for longer scenario that now faces the market is a result of stronger than expected economic data in the US, which we view as positive for many of the companies held or potential investment opportunities for the portfolio. The resurgent US manufacturing industry, fuelled by the triple forces of reshoring driven geopolitics, the investments funded by the Inflation Reduction Act of 2022 and the Al/datacentre boom, are all energy and materials intensive forms of growth, that more than offset the costs of higher interest rates for many of the companies in the portfolio.

Commodity	31 May 2024	30 November 2023	% change	HL ZUZ4 On H1 2023 Average Price % Change1
Base Metals (US\$/tonne)
Aluminium	2,607	2,156	20.9	-2.3
Copper	9,913	8,388	18.2	2.4
Lead	2,216	2,092	5.9	-2.1
Nickel	19,456	16,438	18.4	-32.0
Tin	32,775	22,984	42.6	9.1
Zinc	2,915	2,467	18.2	-12.4
Precious Metals (US\$/ounce)
Gold	2,330.7	2,037.8	14.4	13.2
Silver	30.3	25.3	20.0	8.0
Platinum	1,048.0	937.0	11.8	-7.5
Palladium	949.0	1,025.0	-7.4	-36.8
Energy
Oil (WTI) (US\$/barrel)	78.0	75.6	3.1	3.2
Oil (Brent) (US\$/barrel)	79.4	81.7	-2.8	2.8
Natural Gas (US\$/Metric Million British Thermal Unit (mmbtu))	1.8	2.8	-35.3	-27.5
Bulk Commodities (US\$/tonne)
Iron ore	117.0	132.5	-11.7	4.7
Coking coal	220.5	285.0	-22.6	-4.2
Thermal coal	142.4	129.0	10.4	-47.9
Equity Indices
MSCI ACWI² Metals & Mining Index (US\$)	643.7	578.7	11.2	1.4
MSCI ACWI Metals & Mining Index (£)	505.6	457.2	10.6	-1.7
MSCI3 World Energy Index (US\$)	507.6	459.9	10.4	8.5
MSCI World Energy Index (£)	398.7	363.3	9.7	1.8
S&P Clean Energy Index (US\$)	1,279.0	1,205.7	6.1	-27.0
S&P Clean Energy Index (£)	822.3	779.7	5.5	-29.3

Source: LSEG Datastream, June 2024.

1 Average of 1/12/2022-31/05/2023 to 1/12/2023-31/05/2024.

2 Morgan Stanley Capital International All Country Weighted Index.

3 Morgan Stanley Capital International.

Portfolio activity & investment performance

Te Companyļs portolio deliered a total A return o ƁƃİƈǦ durin te period drien y positie perormance within all tree sectors o te Companyİ

Te most notale top don cane in te portolio durin te irst al as to add to our Enery Transition e posure Ťsee iure 2 eloť as te aluations continue to moe loer compared to roader euity marketsı a trend e noted in te 202ƃ annual report too. This change was still relatively modest in size as whilst valuations have become more attractive, we do not think that broad based positive earnings momentum is imminent, given that areas like electric vehicles are still seeing shorter term sales estimates being revised downwards.

Figure 2: Portfolio positioning

Source: BlackRock.

Within the three sectors we made some notable changes both to the industry/sub-sector exposures and the stock specific e posures Ťsee iure ƃ on pae Ɓ0ťİ Wile e tink tat nuclear as a stron role to play in te enery transitionı e e ited our only uranium holding because both the spot price of uranium and the valuation of this particular company had got well ahead of fundamentals.

n te Traditional Enery side e added seeral ne positions across te inrastructureı serices and production sementsİ The infrastructure companies we now own are focused on natural gas so should see good volume growth to drive earnings and also benefit if there are unexpected reduction in rates. These purchases were funded by exiting a refining company (Valero) and an E ploration and Production ŤEĠPť company ŤE Resourcesťİ

n te Enery Transition side e added a ne oldin in a ind turine manuacturer tat looks to e a eneiciary rom the ongoing fiscal support provided by the Inflation Reduction Act of 2022 and we initiated a position in a leading cable manufacturer, Prysmian. It should see its order books well supported by the array of investments needed in transmission and the grid.

Figure 3: Relative change in portfolio positioning

Source: BlackRock

Income

20%

The Company paid a total of 2.250p in dividends for the year, split between the two quarterly payments.

The underlying dividend trends in the portfolio over the first six months of the year were a mixed picture. This is less as a result of companies deciding to make reductions to their dividend payments but more as a function of the changes we have made to the stock selection in the portfolio. The decisions to reduce Vale, TotalEnergies and BHP had negative implications for the ongoing income generation in the portfolio. However, we have conviction that the investments made with the proceeds offer a more attractive total return prospect to offset the income foregone.

We did make an investment in a new convertible bond issue that came with an attractive coupon as well as an equity upside. This was in a leading lithium producer where despite the near-term headwinds, the convertible bond offers a better risk-adjusted return with the added benefit of enhancing the portfolio's income.

We also note that Pound Sterling has strengthened over 7% from its October 2023 lows against the US Dolly 2024). If this trend continues then it will be a headwind for the Company's income in Pound Sterling as most of the dividends in the underlying portfolio companies are paid in US Dollars.

Traditional Energy

Oil prices remained relatively range-bound (see Figure 4 on page 11) in the period consistent with our view that Oil and Petroleum Exporting Countries (OPEC) plus countries continue to act in a disciplined fashion in balancing supply and demand. Our thesis remains supported by oil futures firmly in backwardation despite market concerns of oversupply following OPEC's June announcement to gradually phase out cuts to production.

Excluding COVID-19, US natural gas prices (Henry Hub, see Figure 5 on page 11) hit a 32-year low in February 2024 forcing gas drillers to reduce production. Lower activity levels helped to rebalance markets and prices have since recovered through June.

Figure 5: Global Natural Gas Prices

Source: Bloomberg data through 21 June 2024. Dark shaded area represents the difference between front-month (1m) Brent prices and 6th month (6m) futures prices. Light shaded area represents the difference between 6th month (12m) futures prices. Henry Hub is the front-month natural gas price. TTF: Title Transfer Facility is the virtual trading point in the Netherlands.

Although the Company's Traditional Energy holdings contributed positively to overall performance in the underlying sub-sector performance was more mixed. Underweight positions in Chevron and Total Energies drove an overall negative contribution from Integrated Oil Companies (10Cs). Elsewhere, the Biden Administration announced a moratorium on US Liquified Natural Gas export licenses at the end of January which impacted shares in Cheniere Energy. Subsequent to the period end, a federal district iudge in Louisiana ordered the Biden Administration to lift the suspension.

On a more positive note, we made several changes within our Traditional Energy holdings during the period. We exited our position in EOG Resources to help fund new holdings in Targa Resources and Saipem. The first two holdings reflect an overall positive view on the long-term growth outlook for the world-class Permian Basin in West Texas. Targa Resources provides compelling low-risk throughput growth in its midstream business with an attractive yield whilst Permian Resources has continued to demonstrate best-in-class execution with a highly motivated management team.

Our holding in Saipem reflects an overall pivot within the Traditional Energy value-chain towards international oilfield services where we see a strong pipeline of new projects and improving margins. This follows new holdings initiated last year in TechnipFMC and Weatherford.

Energy Transition

Over the trailing 12-month period (see Figure 6), Energy Transition-related stocks (S&P Clean Energy Index) have generally struggled against the Mining and Traditional Energy sectors, albeit with a strong step-up, particularly in the month of May (see Figure 7). This was partly driven by strong performance from a handful of renewable development companies that were subject to premium acquisitions including Encavis AG and Neoen SA. This precipitated a broader re-rating of renewables-focused stocks in the period which underpinned strong active return contributions from key holdings in NextEra Energy and First Solar.

Source: Bloomberg. Data through 31st May 2024. The following Bloomberg indices were used - Mining=MSXWD0MM Index; Energy: Global=MXWDOEN Index; S&P Clean=SPGTCED Index; Power: Global=MXWDOUT Index.

Elsewhere, manufacturing spend continued to broaden in the United States as a follow through from subsidies encapsulated in the Inflation Reduction Act of 2022 and the CHIPS and Science Act of 2022. This benefited stocks such as Trane Technologies and Ingersoll Rand with strong backlog expansion in CHVAC (Cooling, Heating, Ventilation and Air Conditioning) and industrial equipment demand, respectively.

Excitement around Al/datacentre build-outs in the United States led to a sharp upwards revision in long-term electricity demand forecasts (see Figure 8) which for much of the last two decades has been largely flat. Given the competing forces around rapid data centre build-out and dramatic improvements in the energy efficiency of leading-edge chips from the likes of Nvidia the range of growth estimates remains necessarily wide at this stage. Nevertheless, the outlook for baseload prowth in the region is likely to hit mid-single digits in the coming years. This helped drive positive stock performance from the likes of Schneider Electric. The Company also benefitted from a new position in GE Vernova, a spin-off from General Electric which has a leading position in electric power systems and gas turbing. Building on the rising electrification theme, we also initiated new positions in global cabling systems supplier, Prsymian, and UK grid-operator, National Grid.

Figure 8: United States Internet Energy Consumption Forecast

Source: ThunderSaid Energy, "Energy and AI: the power and the glory?", April 2024.

The Company's investments in renewables-focused utility companies in Europe were amongst the largest detractors for the period including German-utility RWE AG and Portuguese-based EDP Renovaveis SA. Both companies faced earnings headwinds from a combination of lower trading earnings for the former and impairment charges for the latter.

Mining

The mining sector saw a fairly strong first half performance for both mining companies and commodities. However there was significant dispersion in performance which was more pronounced for commodities than related further below.

The main differences came between steel related commodities (iron ore and coking coal), which both saw heavy price falls in the six months, and base metals (such a copper and aluminium) that posted strong double digit price gains. The real estate sector in China remains under significant pressure and this weighed heavily on the steel sentiment in China.

Figure 9: Morgan Stanley estimated gross profit/tonne for Mill – Rebar Steel

Source: Mysteel, Morgan Stanley Research.

As shown in Figure 9 above, steel margins were negative in the period and, with demand subdued given the real estate woes, steel producers held back on iron ore purchases causing the price to fall back from \$130/tonne from the start of January to the end of March (SGX Iron Ore 62%). As margins improved in the second quarter steel production was able to pick up, with much of this destined for export given the depressed local demand. The chart below show much steel exports have picked up from China in 2024 (and 2023) – it is likely that this can't be sustained as trade barriers will be erected to protect steel industries in other countries (see Figure 10 below).

Source Citigroup, end May 2024; 2024 data is to end May and annualised to show 2024 potential exports at current run rate.

Despite the challenging iron ore market, the major producers of iron ore, such as BHP and Rio Tinto, held up quite well (Rio Tinto total return 5.6%, BHP 0.0%; GBP). This performance relative to the underlying commodity implies a noticeable increase in valuation multiple associated with the companies – in many ways we think this is deserved given the greater resilience and discipline of these businesses compared to previous cycles. However, despite this re-rating, they did lag their peers that have a more diversified commodity mix with another one of our portfolio companies, Teck Resources delivering substantially better returns for the six month period.

A key thematic to surface in the period was a "buy or build" question in the copper space. This is something that we have described in the past when talking about the incentive price to bring new projects online being substantially higher than current prices and that existing copper production capacity used to trade at lower implied copper prices than that incentive price. We saw significant corporate activity to emphasise this point with BHP making several approaches to Anglo American to try to get a deal agreed. The prize that BHP were seeking was clearly the South American copper portfolio of Anglo, which has several long life and high quality assets. In the end, they could not agree a deal due to the complexities of Anglo's South African assets but other copper orientated companies saw strong share price appreciation as a result of the approach, with portfolio holdings such as Ivanhoe Mines notable performers.

Whilst our enthusiasm for copper longer-term remains, it should be noted that in the short-term there are some clouds on the horizon. Inventories, although low in terms of nays of use at around 7 weeks, have been rising steadily during the first half of the year, as shown in Figure 11 below. Investor sentiment towards copper though has remained very positive, as shown by the long positions and overall net length in Figure 12 below. If physical markets do not see nearterm improvements, there is every chance the "hot money" in futures will look to deploy elsewhere and cause a copper price pullback. Given our longer-term structural positive view, it is likely we would use such an opportunity to increase the portfolio's exposure.

Figure 11: LME COTR1 Investment Fund

1 London Metal Exchange (LME) Commitments of Traders Report (COTR). Source: LME, Comex, Shanghai Futures Exchange, Shanghai Metals Market, Bloomberg, Macquaire Strategy June 2024.

Market outlook and portfolio positioning

Looking back at the 2023 annual report we flagged "an abnormally high level of uncertainty for the year ahead". Part of this reflected a record spate of elections in 2024 as well as persistent tensions between the United States and China "where tariffs continue to be the tool of choice in tackling the competitive threat of cheaper manufactured goods in the Energy Transition value chain". Since then, the European Union has announced tariffs against Chinese Electric Vehicles. Against this backdrop, we believe there is likely to be higher and stickier inflation than we have seen in the last two decades and reinforces our view of a higher interest rate environment. Whilst risks remain elevated, we believe the flexibility that the Company offers remains key to achieving our twin objectives of growth and income as these uncertainties drive persistent dispersion.

Al and datacentre demand will be additive to prior estimates of baseload power demand which we see as supportive not just for renewables, but critically for natural gas and nuclear. Further, as technology companies seek to drive rapid build out of these energy intensive assets the demand for traditional investments will drive further bottlenecks on the supply side.

As we look into the second half of the year we are also closely monitoring the outcome of Federal-level elections and their potential impact on energy and climate policy. The UK (22 May) and France (10 June) both announced snap elections during the period. Subsequent to the period end, a Labour majority has been confirmed in the UK that will likely see an acceleration of decarbonisation efforts and should provide a positive tailwind for grid expansion and permitting. Finally, as we head towards the November US Presidential election it is not unreasonable to surmise that, under either a Republican or Democratic victory, it will do little to derail the underlying pace of capital into the Energy Transition space. The Inflation Reduction Act of 2022, for instance, has been a very positive force in job creation in the United States - an outcome most politicians will tend to favour.

Tom Holl and Mark Hume

BlackRock Investment Management (UK) Limited 31 July 2024

Distribution of investments

as at 31 May 2024

Asset allocation - Geography

Source: BlackRock.

Ten largest investments

Together, the ten largest investments represent 31.7% of the Company's portfolio as at 31 May 2024 (30 November 2023: 36.3%).

1 Anglo American Ť202ƃIJ 65tť

Diversified mining group

Market value: £8,817,000 Share of investments: 4.7%1 Ť202ƃIJ 0İ4Ǧť

A loal minin roupİ Te roupļs minin portolio includes ulk commodities includin iron oreı mananeseı metallurical coalı ase metals includin copper and nickel and precious metals and minerals includin platinum and diamondsİ AnloAmerican as minin operations loallyı it siniicant assets in Arica and out Americaİ

2 Rio Tinto Ť202ƃIJ 4tť

Diversified mining group

Market value: £8,757,000 Share of investments: 4.6% Ť202ƃIJ 4İ4Ǧť

ne o te orldļs leadin minin companiesİ Te roupļs primary product is iron oreı ut it also produces aluminiumı copperı diamondsı oldı industrial minerals and enery productsİ

3 Teck Resources Ť202ƃIJ Ɓ4tť

Diversified mining group

Market value: £7,951,000 Share of investments: 4.2% Ť202ƃIJ 2İƁǦť

A diersiied minin roup eaduartered in Canadaİ Teck Resources is enaed in minin and mineral deelopment it operations and proects in Canadaı te ı Cile and Peruİ Te roup as e posure to copperı ¢incı steelmakin coal and eneryİ

4 Glencore Ť202ƃIJ Ɓstť

Diversified mining group

Market value: £6,450,000 Share of investments: 3.4% Ť202ƃIJ 4İƈǦť

ne o te orldļs larest loally diersiied natural resources roupsİ Te roupļs operations include appro imately Ɓ50 minin and metallurical sites and oil production assetsİ lencoreļs mined commodity e posure includes copperı coaltı nickelı ¢incı leadı erroalloysı aluminiumı iron ore old and silerİ

Integrated oil group

Market value: £6,147,000 Share of investments: 3.3% Ť202ƃIJ ƃİƈǦť

ell is one o te larest interated enery companies loally it ie main operatin sementsIJ Interated ası pstreamı arketinı Cemicals and Productsı and Reneales and Enery olutionsİ Te company as a i ualityı asŇliuiied natural as ŤLťŘeited portolioİ

Job No: 52409 Proof Event: 11 Black Line Level: 2 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: BRERIT Interim Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

Investments

as at 31 May 2024

Copper mining group Market value: £4,802,000 Share of investments: 2.5% (2023: 2.2%)

Filo Corp., part of the Lundin Group of companies, is a Canadian mineral exploration company focused on exploring their copper-gold-silver deposit in Filo del Sol near the borders of Argentina and Chile.

Electrification Market value: £4,610,000 Share of investments: 2.4% (2023: 2.7%)

NextEra Energy is America's premier clean energy leader and the world's largest producer of wind and solar energy. The company has a dominant market share in a structurally growing renewables market.

8 ▼ BHP (2023: 2nd)

Diversified mining group

Market value: £4,291,000 Share of investments: 2.3% (2023: 4.7%)

The world's largest diversified mining group by market capitalisation. The group is an important global player in a number of commodities including iron ore, copper, thermal and metallurgical coal, manganese, nickel, silver and diamonds. BHP also has significant interests in oil, gas and liquefied natural gas.

9 ▲ Schneider Electric (2023: 21st)

Energy efficiency Market value: £4,137,000

Share of investments: 2.2% (2023: 1.8%)

Schneider Electric is a French multinational company specialising in digital automation and energy management and addresses homes, buildings, data centres, infrastructure and industries, by combining energy technologies, real-time automation, software, and services.

10 > Hess (2023: 10th)

Exploration & Production

Market value: £3,995,000 Share of investments: 2.1% (2023: 2.4%)

An American global independent energy company, involved in the exploration of crude oil and natural gas.

All percentages reflect the value of the holding as a percentage of total investments.

Arrows indicate the change in relative ranking of the position in the portfolio compared to its ranking as at 30 November 2023.

Percentages in brackets represent the value of the holding as at 30 November 2023.

Investments

	Main geographic	Market value	% of
	exposure	£º000	investments
Mining
Diversified
Anglo American	Global	8,822
Anglo American Put Option 21/06/24	Global	(5)	4.7 S
Rio Tinto	Global	8,757	4.6
Teck Resources	Global	7,951	4.2
Glencore	Global	6,449	3.4
BHP	Global	4,291	2.3
Abaxx Technologies	Global	3,334	1.8
Vale Debentures*	Brazil	2,162
Vale	Brazil	750	1.5
Trident	Global	1,629	0.9
		44,140	23.4
Copper
Filo Corp.	Latin America	4,802	2.5
First Quantum Minerals 6.875% 15/10/27	Global	1,616
First Quantum Minerals	Global	1,200	1.6 ﻟ
Foran Mining	Canada	2,018	1.1
Metals Acquisition	Australia	1,981	1.0
Freeport-McMoRan	United States	1,619	0.9
lvanhoe Electric	United States	1,219	0.6
Develop Global	Australia	414	0.2
		14,869	7.9
Steel
Steel Dynamics	United States	2,424	1:3
ArcelorMittal	Global	2,354	1.2
Stelco	Canada	2,291	1.2
		7,069	3.7
Industrial Minerals
Albemarle	Global	2,431	1.3
Bunge	Global	1,061	0.6
Nutrien	United States	988	0.5
Lynas Corporation	Australia	019	0.5
CF Industries	United States	47
		5,446	2.9
Gold
Allied Gold Corporation 8.75% 07/09/2028	Africa	1,728	0.9
Wheaton Precious Metals	Global	1,603	0.8
Barrick Gold	Global	1,419	0.8
		4,750	2.5
Metals & Mining
lvanhoe Mines	Africa	3,441	1.8
		3,441	1.8
Aluminium
Norsk Hydro	Global	3,310	1.8
		3,310	1.8
Nickel

Nickel Mines	Australia	1,138	0.6
Lifezone Metals	Global	1,590	0.8
		2,728	1.4
Total Mining		85,753	45.4

Investments

continued

	Main geographic exposure	Market value £'000	% of investments
Traditional Energy
Exploration & Production
Hess	Global	3,995	2.1
Canadian Natural Resources	Canada	3,889	2.1
ConocoPhillips	Global	3,540	1.9
Permian Resources	United States	2,920	1.5
Tourmaline Oil	Canada	2,417	1.3
Arc Resources	Canada	2,284	1.2
Diamondback Energy	United States	2,231	1.2
Kosmos Energy	United States	1,688	0.9
		22,964	12.2
Integrated
Shell	Global	6,147	3.3
ExxonMobil	Global	3,985	2.1
BP	Global	3,564	1.9
Cenovus Energy	Canada	2,188	1.1
Gazprom**	Russian Federation
		15,884	8.4
Distribution
Targa Resources	United States	3,887	2.1
Cheniere Energy	United States	2,334	1.2
		6,221	3.3
Oil Services
TechnipFMC	Global	2,072	1.1
Weatherford International	Global	1,228	0.6
Saipem	Global	898	0.5
		4,198	2.2
Oil, Gas & Consumable Fuels
Pembina Pipeline	Canada	2,703	1.4
		2,703	1.4
Refining & Marketing
	United States
Marathon Petroleum Corporation		1,519	0.8 0.8
Total Traditional Energy		1,519 53,489	28.3
Energy Transition
Energy Efficiency

Schneider Electric	Global	4,137	2.2
Ingersoll-Rand	United States	3,610	1.9
Analog Devices	Global	3,422	1.8
Trane Technologies	United States	2,964	1.6
Regal Rexnord	United States	1,683	0.9
Kingspan Group	Ireland	1,087	0.6
Nidec Corp	Global	809	0.4
		17,712	9.4

	Main geographic exposure	Market value £'000	% of investments
Electrification
NextEra Energy	United States	4,610	2.4
RWE	Germany	3,607	1.9
National Grid	United Kingdom	2,916
National Grid Rights 11/06/2024	United Kingdom	161	1.7
Sempra Energy	United States	1,975	1.1
EDP Renováveis	Global	42
		13,311	7.1
Renewables
First Solar	Global	3,721	2.0
GE Vernova	United States	3,106	1.6
Vestas Wind	Global	1,852	1.0
SSE	United Kingdom	1,660	0.9
		10,339	5.5
Transport
STMicroelectronics	France	3,365	1.8
Infineon Technologies	Germany	1,333	0.7
Samsung SDI	Global	967	0.5
		5,665	3.0
Storage
Prysmian Spa	Italy	2,420	1.3
		2,420	1.3
Total Energy Transition		49,447	26.3
Total Portfolio		188,689	100.0
Comprising
Equity and debt investments		188,694	100.0
Derivative financial instruments - futures		(5)
		188,689	100.0

* The investment in the Vale debentures is illiquid and has been valued using secondary market pricing information provided by the Brazilian Financial and Capital Markets Association (ANBIMA).

** The investment in Gazprom has been valued at a nominal value of RUBO.01 as secondary listings of the depositary receipts on Russian companies have been suspended from trading.

All investments are ordinary shares unless otherwise stated. The total number of holdings (including options) at 31 May 2024 was 74 (30 November 2023: 78).

There was one open option as at 31 May 2024 (30 November 2023: one).

The equity and fixed income investment total of £188,694,000 (30 November 2023: £175,540,000) above before the deduction of the negative valuation of commodity futures contracts of £5,000 (30 November 2023: negative option valuation of £110,000 and negative futures contract valuation of £780,000) represents the Group's total investments held at fair value as reflected in the Consolidated Statement of Financial Position. The table above excludes cash and gearing; the level of the Group's gearing may be determined with reference to the bank overdraft of £15,213,000 (30 November 2023: £17,862,000) and cash and cash equivalents of £73,000 (30 November 2023: £5,276,000) that are also disclosed in the Consolidated Statement of Financial Position. Details of the AIC methodology for calculating gearing are given in the Glossary on pages 41 and 42.

As at 31 May 2024, the Company did not hold any equity interests comprising more than 3% of any capital.

Interim Management Report and Responsibility Statement

The Chairman's Statement on pages 5 and 6 and the Investment Managers' Report on pages 7 to 15 give details of the important events which have occurred during the period and their impact on the financial statements.

Principal risks and uncertainties

The principal risks faced by the Company can be divided into various areas as follows:

Investment performance;
Income/dividend:
Gearing;
· Legal and regulatory compliance;
Operational;
Market: and
Financial.

The Board reported on the principal risks and uncertainties faced by the Company in the Annual Report and Financial Statements for the year ended 30 November 2023. A detailed explanation can be found in the Strategic Report on pages 38 to 42 and in note 18 on pages 110 to 122 of the Annual Report and Financial Statements which are available on the Company's website at www.blackrock.com/uk/beri.

The Board and the Investment Manager continue to monitor investment performance in line with the Company's investment objectives, and the operations of the Company and the publication of net asset values are continuing.

In the view of the Board, there have not been any changes to the principal risks and uncertainties since the previous report and these are equally applicable to the financial year as they were to the six months under review.

Going concern

The Board is mindful of the risk that unforeseen or unrecedented events including (but not limited to) heightened geopolitical tensions such as the wars in Ukraine and Middle East, their longer-term effects on the global economy, high inflation and the current cost of living crisis could have a significant impact on global markets. Notwithstanding this significant degree of uncertainty, the Directors, having considered the nature and liquidity of the Company's investment objective, the Company's projected income and the Company's substantial distributable reserves, are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future and is financially sound.

The Company has a portfolio of investments which are considered to be readily realisable and is abilities from its assets and income generated from these assets. Borrowings under the overdraft facility shall be lower of £40.0 million or 20% of the Company's net assets (calculated at the time of draw down) and this covenant was complied with during the period. Ongoing charges (excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation, prior year expenses written back and certain non recurring charges) have been capped by the Manager at 1.25% of average daily net assets with effect from 17 March 2020 and were 1.20% of net assets for the year ended 30 November 2023.

Based on the above, the Board is satisfied that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

Related party disclosure and transactions with the Investment Manager

BlackRock Fund Managers Limited (BFM) is the Company's Alternative Investment Fund Manager (AlFM) and has, with the Company's consent, delegated certain portfolio and risk management services, and other ancillary services, to BlackRock Investment Management (UK) Limited (BIM (UK)). Both BFM and BIM (UK) are regarded as related parties under the Listing Rules. Details of the management fee payable are set out in note 4 on page 30 and note 14 on page 37 of the financial statements. The related party transactions with the Directors are set out in note 13 on page 36 of the financial statements.

Directors' responsibility statement

The Disclosure Guidance and Transparency Rules (DTR) of the UK Listing Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Interim Management Report and Financial Statements.

The Directors confirm to the best of their knowledge that:

the condensed set of financial statements contained within the Half Yearly Financial Report has been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting; and
· the Interim Management Report together with the Chairman's Statement Managers' Report include a fair review of the information required by 4.2.7R and 4.2.8R of the FCA's Disclosure Guidance and Transparency Rules.

This Half Yearly Financial Report has not been audited or reviewed by the Company's Auditor.

The Half Yearly Financial Report was approved by the Board on 31 July 2024 and the above responsibility statement was signed on its behalf by the Chairman.

Adrian Brown For and on behalf of the Board 31 July 2024

Consolidated Statement of Comprehensive Income

for the six months ended 31 May 2024

		Six months ended 31 May 2024 (unaudited)			Six months ended 31 May 2023 (unaudited)			Year ended 30 November 2023 (audited)
		Revenue	Capital		Total Revenue	Capital	lotal	Revenue	Capital	lota
	Notes	£'000	e 000	£'000	£'000	£'000	£'000	£º0000	E 000	£'000
Income from investments held at fair value through profit or loss	3	2,700		2,700	3.411	101	3,512	6,258	79	6,337
Other income	3	428		428	652		652	1,218		1,218
Total revenue		3,128		3,128	4,063	101	4,164	7,476	79	7,555
Net profit/(loss) on investments and derivatives held at fair value through profit or loss		-	19,011	19,011		(29,497)	(29,497)		(27,606) (27,606)
Net (loss)/profit on foreign exchange			(1)	(1)		(35)	(35)		6	6
lotal		3,128	19,010	22,138	4,063	(29,431) (25,368)		7,476	(27,521) (20,045)
Expenses
Investment management fee	4	(181)	(543)	(724)	(202)	(606)	(808)	(387)	(1,162)	(1,549)
Other operating expenses	5	(240)	(4)	(244)	(232)	(13)	(245)	(535)	(16)	(221)
Total operating expenses		(421)	(547)	(963)	(434)	(619)	(1,053)	(922)	(1,178)	(2,100)
Net profit/(loss) on ordinary activities before finance costs and taxation		2,707	18,463	21,170	3,629	(30,050) (26,421)		6,554	(28,699) (22,145)
Finance costs	6	(128)	(385)	(513)	(ਰੇਤ)	(279)	(372)	(196)	(588)	(784)
Net profit/(loss) on ordinary activities before taxation		2,579	18,078	20,657	3,536	(30,329) (26,793)		6,358		(29,287) (22,929)
Taxation (expense)/credit		(245)	34	(211)	(327)	54	(273)	(584)	117	(467)
Net profit/(loss) on ordinary activities after taxation	8	2,334	18,112	20,446	3,209	(30,275) (27,066)		5,774	(29,170) (23,396)
Earnings/(loss) per ordinary share (pence)	8	1.83	14.17	16.00	2.37	(22.40)	(20.03)	4.39	(22.17)	(17.78)

The total columns of this statement represent the Group's Statement of Comprehensive Income, prepared in accordance with UK–adopted International Accounting Standards (IAS). The supplementary revenue and capital accounts are both prepared under guidance published by the Association of Investment Companies (AIC). All items in the from continuing operations. No operations were acquired or discontinued during the period. All income is attributable to the equity holders of the Group.

The Group does not have any other comprehensive income/(loss) (31 May 2023: £nil; 30 November 2023: £nil). The net profit/ (loss) for the period disclosed above represents the Group's total comprehensive income/(loss).

The notes on pages 28 to 37 form part of these financial statements.

Consolidated Statement of Changes in Equity

or te si monts ended ƃƁ ay 2024

		Called up share capital	Share premium account	Special reserve	Capital reserves	Revenue reserve	Total
	Notes	£'000	£'000	£'000	£'000	£'000	£'000
For the six months ended 31 May 2024 (unaudited)
At ƃ0 ožemŠer 202ƃ		Ɓıƃ56	6ƉıƉƈ0	66ıƁ00	Ɓƈı660	6ı266	Ɓ62ıƃ62
Total compreensiže income
et proŽit Žor te period		–	–	–	ƁƈıƁƁ2	2ıƃƃ4	20ı446
Transaction Ÿit oŸnersı recorded directly to e™uityIJ
rdinary sares Šout Šack into treasury	Ɖ	–	–	Ť7ı6ƃƁť	–	–	Ť7ı6ƃƁť
are ŠuyŠack costs		–	–	Ť5ƃť	–	–	Ť5ƃť
ižidends paidƁ	7	–	–	–	–	Ť2ıƈƉƁť	Ť2ıƈƉƁť
At 31 May 2024		1,356	69,980	58,416	36,772	5,709	172,233
For the six months ended 31 May 2023 (unaudited)
At ƃ0 ožemŠer 2022		Ɓıƃ44	6ƈı20ƃ	70ıƉƃ7	47ıƈ0ƃ	6ı42Ɓ	ƁƉ4ı70ƈ
Total compreensiže ŤlossťŇincomeIJ
et ŤlossťŇproŽit Žor te period		–	–	–	Ťƃ0ı275ť	ƃı20Ɖ	Ť27ı066ť
Transactions Ÿit oŸnersı recorded directly to e™uityIJ
rdinary sare issues		Ɓ2	Ɓı7ƈƁ	–	–	–	Ɓı7Ɖƃ
are issue costs		–	Ť4ť	–	–	–	Ť4ť
are reissue costs Ÿritten Šack		–	–	–	2ƈ	–	2ƈ
ižidends paid2	7	–	–	–	–	Ť2ıƉ6Ɖť	Ť2ıƉ6Ɖť
At 31 May 2023		1,356	69,980	70,937	17,556	6,661	166,490
For the year ended 30 November 2023 (audited)
At ƃ0 ožemŠer 2022		Ɓıƃ44	6ƈı20ƃ	70ıƉƃ7	47ıƈ0ƃ	6ı42Ɓ	ƁƉ4ı70ƈ
Total compreensiže ŤlossťŇincomeIJ
et ŤlossťŇproŽit Žor te year		–	–	–	Ť2ƉıƁ70ť	5ı774	Ť2ƃıƃƉ6ť
Transactions Ÿit oŸnersı recorded directly to e™uityIJ
rdinary sare issues		Ɓ2	Ɓı7ƈƁ	–	–	–	Ɓı7Ɖƃ
are issue costs		–	Ť4ť	–	–	–	Ť4ť
rdinary sares Šout Šack into treasury		–	–	Ť4ıƈ02ť	–	–	Ť4ıƈ02ť
are ŠuyŠack costs		–	–	Ťƃ5ť	–	–	Ťƃ5ť
are reissue costs Ÿritten Šack		–	–	–	27	–	27
ižidends paidƃ	7	–	–	–	–	Ť5ıƉ2Ɖť	Ť5ıƉ2Ɖť
At 30 November 2023		1,356	69,980	66,100	18,660	6,266	162,362

Ɓ 4t interim diidend o ƁİƁ25p per sare or te year ended ƃ0 oemer 202ƃı declared on 7 ecemer 202ƃ and paid on Ɓ2 anuary 2024 and Ɓst interim diidend o ƁİƁ25p per sare or te year endin ƃ0 oemer 2024ı declared on Ɓ5 arc 2024 and paid on 26 April 2024İ

² 4t interim diidend o ƁİƁ00p per sare or te year ended ƃ0 oemer 2022ı declared on 7 ecemer 2022 and paid on Ɓƃ anuary 202ƃ and Ɓst interim diidend o ƁİƁ00p per sare or te year ended ƃ0 oemer 202ƃı declared on Ɓƃ arc 202ƃ and paid on ƁƉ April 202ƃİ

ƃ 4t interim diidend o ƁİƁ00p per sare or te year ended ƃ0 oemer 2022ı declared on 7 ecemer 2022 and paid on Ɓƃ anuary 202ƃij Ɓst interim diidend o ƁİƁ00p per sare or te year ended ƃ0 oemer 202ƃı declared on Ɓƃ arc 202ƃ and paid on ƁƉ April 202ƃij 2nd interim diidend o ƁİƁ00p per sare or te year ended ƃ0 oemer 202ƃı declared on 7 une 202ƃ and paid on Ɓ4 uly 202ƃ and ƃrd interim diidend o ƁİƁ00p per sare or te year ended ƃ0 oemer 202ƃı declared on 20 eptemer 202ƃ and paid on 27 ctoer 202ƃİ

Job No: 52409 Proof Event: 14 Black Line Level: 3 Park Communications Ltd Alpine Way London E6 6LA Customer: BlackRock Project Title: BRERIT Interim Rpt 2024 T: 0207 055 6500 F: 020 7055 6600

or inormation on te Companyļs distriutale reseresı please reer to note ƁƁ on pae ƃ4İ

Consolidated Statements of Financial Position

as at 31 May 2024

		31 May 2024 (unaudited)	31 May 2023 (unaudited)	30 November 2023 (audited)
	Notes	£º000	£'000	£'000
Non current assets
Investments held at fair value through profit or loss	12	188,694	175,627	175,540
Current assets
Other receivables		484	835	618
Current tax asset		195	134	130
Cash collateral pledged with brokers		343	1,086	1,538
Cash and cash equivalents		73	194	5,276
Total current assets		1,095	2,249	7,562
Total assets		189,789	177,876	183,102
Current liabilities
Other payables		(2,338)	(1,463)	(1,988)
Derivative financial liabilities held at fair value through profit or loss	12	(5)	(559)	(890)
Bank overdraft		(15,213)	(9,364)	(17,862)
Total current liabilities		(17,556)	(11,386)	(20,740)
Net assets		172,233	166,490	162,362
Equity attributable to equity holders
Called up share capital	10	1,356	1,356	1,356
Share premium account		69,980	69,980	69,980
Special reserve		58,416	70,937	66,100
Capital reserves		36,772	17,556	18,660
Revenue reserve		5,709	6,661	6,266
Total shareholders' funds		172,233	166,490	162,362
Net asset value per ordinary share (pence)	8	138.24	122.79	123.58

The financial statements on pages 24 to 37 were approved and authorised for issue by the Board of Directors on 31 July 2024 and signed on its behalf by Adrian Brown, Chairman.

BlackRock Energy and Resources Income Trust plc Registered in England, No. 5612963

The notes on pages 28 to 37 form part of these financial statements.

Consolidated Cash Flow Statement

or te si monts ended ƃƁ ay 2024

	Six months ended 31 May 2024 (unaudited)	Six months ended 31 May 2023 (unaudited)	Year ended 30 November 2023 (audited)
	£'000	£'000	£'000
Operating activities:
et proŽitŇŤlossť on ordinary actižities ŠeŽore ta ation	20ı657	Ť26ı7Ɖƃť	Ť22ıƉ2Ɖť
Add Šack Žinance costs	5Ɓƃ	ƃ72	7ƈ4
et ŤproŽitťŇloss on inžestments and derižatižes eld at Žair žalue trou proŽit or loss Ťincludin transaction costsť	ŤƁƉı0ƁƁť	2Ɖı4Ɖ7	27ı606
et amount Žor capital special dižidends receižed	–	Ťƈ6ť	–
et lossŇŤproŽitť on Žorein e cane	Ɓ	ƃ5	Ť6ť
ales oŽ inžestments eld at Žair žalue trou proŽit or loss	6Ɓı4ƈ4	5ƃıƁƃƃ	Ɖ7ıƃƃ0
Purcases oŽ inžestments eld at Žair žalue trou proŽit or loss	Ť56ı5Ɓ2ť	Ť5Ɓı272ť	ŤƉƃı247ť
ecreaseŇŤincreaseť in oter receižaŠles	204	44	ŤƁƃ4ť
Increase in oter payaŠles	25ƃ	5Ɓ5	47Ɓ
ŤIncreaseťŇdecrease in amounts due Žrom Šrokers	Ť70ť	ƁıƁ00	Ɓı4Ɖ6
IncreaseŇŤdecreaseť in amounts due to Šrokers	2ƃ	Ť4ıƈƃƈť	Ť4ı26Ɖť
et možement in cas collateral eld Ÿit Šrokers	ƁıƁƉ5	Ťƈ0Ɓť	ŤƁı25ƃť
Net cash inflow from operating activities before taxation	8,737	906	5,849
Ta ation on inžestment income included Ÿitin ross income	Ť276ť	Ťƃ04ť	Ť4Ɖ4ť
Net cash inflow from operating activities	8,461	602	5,355
Financing activities
Interest paid	Ť5Ɓƃť	Ťƃ72ť	Ť7ƈ4ť
Receipts Žrom sare issues	–	Ɓı7Ɖƃ	Ɓı7Ɖƃ
are issue costs paid	–	Ť5ƈť	Ť5Ɖť
ares Šout Šack into treasury	Ť7ı557ť	–	Ť4ıƈ02ť
are ŠuyŠack costs	Ť5ƃť	–	Ťƃ5ť
ižidends paid	Ť2ıƈƉƁť	Ť2ıƉ6Ɖť	Ť5ıƉ2Ɖť
Net cash outflow from financing activities	(11,014)	(1,606)	(9,816)
Decrease in cash and cash equivalents	(2,553)	(1,004)	(4,461)
EŽŽect oŽ Žorein e cane rate canes	ŤƁť	Ťƃ5ť	6
Change in cash and cash equivalents	(2,554)	(1,039)	(4,455)
Cas and cas e™uižalents at start oŽ periodŇyear	ŤƁ2ı5ƈ6ť	ŤƈıƁƃƁť	ŤƈıƁƃƁť
Cash and cash equivalents at end of period/year	(15,140)	(9,170)	(12,586)
Comprised of:
Cas at Šank	7ƃ	ƁƉ4	5ı276
Bank ožerdraŽt	ŤƁ5ı2Ɓƃť	ŤƉıƃ64ť	ŤƁ7ıƈ62ť
	(15,140)	(9,170)	(12,586)

Te notes on paes 2ƈ to ƃ7 orm part o tese inancial statementsİ

Notes to the financial statements

for the six months ended 31 May 2024

1. Principal activity

The principal activity of the Company is that of an investment trust company within the meaning of Section 1158 of the Corporation Tax Act 2010.

The principal activity of the subsidiary, BlackRock Energy and Resources Securities Income Company Limited, is investment dealing and options writing.

2. Basis of preparation

The half vearly financial statements for the period ended 31 May 2024 have been prepared in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the Financial Conduct Authority and with the UK-adopted International Accounting Standard 34 (IAS 34), Interim Financial Reporting. The half yearly financial statements should be read in conjunction with the Group's Annual Report and Financial Statements for the year ended 30 November 2023, which have been prepared in accordance with UK-adopted International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006.

Insofar as the Statement of Recommended Practice (SORP) for investment trust companies and venture capital trusts, issued by the Association of Investment Companies (AIC) in October 2019 and updated in July 2022, is compatible with UK-adopted IAS, the financial statements have been prepared in accordance with guidance set out in the SORP.

Adoption of new and amended International Accounting Standards and interpretations:

IFRS 17 – Insurance contracts (effective 1 January 2023). This standard replaced IFRS 4 and applies to all types of insurance contracts. IFRS 17 provides a consistent and comprehensive model for insurance contracts covering all relevant accounting aspects.

This standard did not have any impact on the Company as it has no insurance contracts.

IAS 12 - Deferred tax related to assets and liabilities arising from a single transaction (effective 1 January 2023). The IASB has amended IAS 12 Income Taxes to require companies to recognise deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. According to the amended quidance. a temporary difference that arises on initial recognition of an asset or liability is not subject to the initial recognition exemption if that transaction gave rise to equal amounts of taxable and deductible temporary differences. These amendments might have a significant impact on the preparation of financial statements by companies that have substantial balances of rightof-use assets, lease liabilities, decommissioning, restoration and similar liabilities. The impact for those affected would be the recognition of additional deferred tax assets and liabilities.

The amendment of this standard did not have any significant impact on the Company.

IAS 8 - Definition of accounting estimates (effective 1 January 2023). The IASB has amended IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to help distinguish between accounting estimates, replacing the definition of accounting estimates.

IAS 1 and IFRS Practice Statement 2 – Disclosure of accounting policies (effective 1 January 2023). The IASB has amended IAS 1 Presentation of Financial Statements to help preparers in deciding which accounting policies to disclose in their financial statements by stating that an entity is now required to disclose material accounting policies instead of significant accounting policies.

IAS 12 - International Tax Reform Pillar Two Model Rules (effective 1 January 2023). The IASB has published amendments to IAS 12 Income Taxes to respond to stakeholders' concerns about the potential implications of the imminent inn of the OECD pillar two rules on the accounting for income taxes. The amendment is an exception to the requirements in IAS 12 that an entity does not recognise and does not disclose information about deferred tax assets as liabilities related to the OECD pillar two income taxes and a requirement tax expenses must be disclosed separately to pillar two income taxes.

Relevant International Accounting Standards that have yet to be adopted:

IAS 1 - Classification of liabilities as current or non current (effective 1 January 2024). The IASB has amended IAS 1 Presentation of Financial Statements to clarify its requirement for the presentation of liabilities depending on the rights that exist at the end of the reporting period. The amendment requires liabilities to be classified as non current if the entity has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendment no longer refers to unconditional rights.

IAS 1 - Non current liabilities with covenants (effective 1 January 2024). The IASB has amended IAS 1 Presentation of Financial Statements to introduce additional disclosures for liabilities with covenants within 12 months of the reporting period. The additional disclosures include the nature of covenants, when the entity is required to comply with covenants, the carrying amount of related liabilities and circumstances that the entity will have difficulty complying with the covenants.

None of the standards that have been issued but are not yet effective are expected to have a material impact on the Group.

3. Income

	Six months ended 31 May 2024 (unaudited)	Six months ended 31 May 2023 (unaudited)	Year ended 30 November 2023 (audited)
	000003	00000	£'000
Investment income:
UK dividends	654	329	608
Fixed income	332	227	453
Overseas dividends	1,560	2,055	4,578
Overseas special dividends	154	800	619
Total investment income	2,700	3,411	6,258
Other income:
Bank interest	2		2
Interest on collateral received	8		7
Option premium income	418	652	1,209
	428	652	1,218
Total income	3,128	4,063	7,476

During the period, the Group received option premium income in cash totalling £418,000 (six months ended 31 May 2023: £652,000; year ended 30 November 2023: £1,209,000) for writing covered call and put options for the purposes of revenue generation.

Option premium income is amortised evenly over the life of the option contract and accordingly, during the period, option premiums of £418,000 (six months ended 31 May 2023: £652,000; year ended 30 November 2023: £1,209,000) were amortised to revenue.

At 31 May 2024, there was one open position (31 May 2023: nil; 30 November 2023: one) with an associated liability of £5,000 (31 May 2023: £nil; 30 November 2023: £110,000).

Dividends and interest received in cash during the period amounted to £2,374,000 and £287,000 (six months ended 31 May 2023: £2,837,000 and £178,000; year ended 30 November 2023: £5,107,000 and £482,000).

Special dividends of £nil have been recognised in capital during the period (six months ended 31 May 2023: £101,000; year ended 30 November 2023: £79,000).

Notes to the financial statements

continued

4. Investment management fee

	Six months ended 31 May 2024 (unaudited)			Six months ended 31 May 2023 (unaudited)			Year ended 30 November 2023 (audited)
	Revenue	Capital	lotal	Revenue	Capital	Total	Revenue	Capital	Total
	£º000	E 000	E 000	£'000	8000	8°000	£'000	8°000	E 000
Investment management fee	181	543	724	202	606	808	387	1,162	1,549
Total	181	543	724	202	606	808	387	1,162	1,549

The investment management fee is levied at 0.80% of gross assets for the purposes of calculating the management fee equate to the value of the portfolio's gross assets held on the relevant date as valued on the basis of applicable accounting policies, less the value of any investments in in-house funds.

The fee is allocated 25% to the revenue account and 75% to the capital account of the Consolidated Statement of Comprehensive Income. There is no additional fee for company secretarial and administration services.

The Company is entitled to a rebate from the investment management fee charged by the Manager in the Company's ongoing charges exceed the cap of 1.25% per annum of average daily net assets. The amount of rebate accrued for the six months ended 31 May 2024 amounted to £nil (six months ended 31 May 2023: £nil; year ended 30 November 2023: £nil). The rebate, if any, is offset against management fees and is allocated between revenue and capital in the ratio of total ongoing charges (as defined on page 142 of the Annual Report and Financial Statements for the year ended 30 November 2023) allocated between revenue and capital during the period.

5. Other operating expenses

	Six months ended 31 May 2024 (unaudited)	Six months ended 31 May 2023 (unaudited)	Year ended 30 November 2023 (audited)
	£'000	£'000	£'000
Allocated to revenue:
Custody fee	4	5	9
Auditor's remuneration - audit services1	28	24	48
Registrar's fee	17	18	35
Directors' emoluments	75	દિદ	133
Broker fees	13	12	24
Depositary fees	8	9	17
Marketing fees	15	21	84
Printing and postage fees	21	19	ਤਰ
Legal and professional fees	12	13	26
Directors' search fees		6	38
Bank charges	7	7	14
Stock exchange listings fees	5	9	14
Other administration costs	35	42	75
Write back of prior year expense accruals2		(19)	(21)
	240	232	535
Allocated to capital:
Custody transaction costs3	4	13	16
	244	245	551

1 No non-audit services were provided by the Company's auditors in the six months ended 31 May 2024 (six months ended 31 May 2023: none; year ended 30 November 2023: none).

² No expenses were written back during the period (six months ended 31 May 2023: miscellaneous fees, external Director evaluation fees, legal and professional fees; year ended 30 November 2023: miscellaneous fees, external Director evaluation fees, legal and professional fees).

3 For the six months ended 31 May 2024, expenses of £4,000 (six months ended 31 May 2023: £13,000; year ended 30 November 2023: £16,000) were charged to the capital account of the Statement of Comprehensive Income.

The transaction costs incurred on the acquisition of investments amounted to £99,000 for the six months ended 31 May 2024 (six months ended 31 May 2023: £32,000; year ended 30 November 2023: £89,000). Costs relating to the disposal of investments amounted to £21,000 for the six months ended 31 May 2024 (six months ended 31 May 2023: £19,000; year ended 30 November 2023: £23,000). All transaction costs have been included within the capital reserves.

Notes to the financial statements

continued

6. Finance costs

	Six months ended		Six months ended		Year ended
	31 May 2024		31 May 2023		30 November 2023
	(unaudited)		(unaudited)		(audited)
	Revenue	Capital	lotal	Revenue	Capital	Total	Revenue	Capital	Total
	erooo	3000	: 000	E 000	E 000	E 000	E 000	E'000	3000
Interest payable – bank overdraft	128	385	513	ರಿತ	279	372	196	588	784
Tota	128	385	513	93	279	372	196	588	784

Finance costs for the Company are charged 25% to the revenue account and 75% to the capital account of the Consolidated Statement of Comprehensive Income. Subsidiary finance costs are charged 100% to the revenue account of the Consolidated Statement of Comprehensive Income.

At 31 May 2024, the Group had an overdraft facility of the lower of £40 million (six months ended 31 May 2023: £40 million; year ended 30 November 2023: £40 million) or 20% of the Group's net assets.

7. Dividends

The Board's current dividend target is to declare quarterly dividends of 1.125 pence per share in the year to 30 November 2024, making a total of at least 4.500 pence per share for the year as a whole.

A first interim dividend for the year ending 30 November 2024 of £1,423,000 (1.125 pence per share) was paid on 26 April 2024 to shareholders on the register on 29 March 2024.

The Directors have declared a second interim dividend for the year ending 30 November 2024 of 1.125 pence per share. The total cost of the dividend was £1,394,000 and was paid on 15 July 2024 to shareholders on the Company's register on 14 June 2024. This dividend has not been accrued in the financial statements for the six months ended 31 May 2024, as under IAS, interim dividends are not recognised until paid. Dividends are debited directly to reserves.

The third and fourth interim dividends will be declared in September 2024 and December 2024 respectively.

Dividends on equity shares paid during the period were:

	Six months ended 31 May 2024 (unaudited) e 000	Six months ended 31 May 2023 (unaudited) e 000	Year ended 30 November 2023 (audited) £º000
2nd interim dividend of 1.100p per share for the year ended 30 November 2023 (2022: 1.100p)			1,478
3rd interim dividend of 1.100p per share for the year ended 30 November 2023 (2022: 1.100p)			1,491
4th interim dividend of 1.125p per share for the year ended 30 November 2023 (2022: 1.100p)	1,468	1,478	1,491
1st interim dividend of 1.125p per share for the year ending 30 November 2024 (2023: 1.100p)	1,423	1,491	1.469
	2,891	2,969	5,929

8. Consolidated earnings and net asset value per ordinary share

Revenue, capital earnings/(loss) and net asset value per ordinary share are shown below and have been calculated using the following:

	Six months ended 31 May 2024 (unaudited)	Six months ended 31 May 2023 (unaudited)	Year ended 30 November 2023 (audited)
Net revenue profit attributable to ordinary shareholders (£'000)	2,334	3,209	5,774
Net capital profit/(loss) attributable to ordinary shareholders (£'000)	18,112	(30,275)	(29,170)
Total profit/(loss) attributable to ordinary shareholders (£'000)	20,446	(27,066)	(23,396)
Equity shareholders' funds (£'000)	172,233	166,490	162,362
The weighted average number of ordinary shares in issue during each period on which the earnings per ordinary share was calculated was:	127,790,523	135,151,964	131,610,148
The actual number of ordinary shares in issue at the period end on which the net asset value per ordinary share was calculated was:	124,586,194	135,586,194	131,386,194
Earnings per share
Revenue earnings per share (pence) - basic and diluted	1.83	2.37	4.39
Capital earnings/(loss) per share (pence) - basic and diluted	14.17	(22.40)	(22.17)
Total earnings/(loss) per share (pence) - basic and diluted	16.00	(20.03)	(17.78)
	As at 31 May 2024 (unaudited)	As at 31 May 2023 (unaudited)	As at 30 November 2023 (audited)
Net asset value per ordinary share (pence)	138.24	122.79	123.58
Orninani charo nrico (nonen)	171 50	111 GO	1 1 0 40

There were no dilutive securities at the period end (six months ended 31 November 2023: nil).

9. Reconciliation of liabilities arising from financing activities

	Six months ended 31 May 2024 (unaudited) £'000	Six months ended 31 May 2023 (unaudited) £³000	Year ended 30 November 2023 (audited) £'000
Bank overdraft at beginning of period/year	17,862	14.345	14,345
Cash flows:
Movement in overdraft	(2,649)	4,981	3,517
Bank overdraft at end of period/year	15,213	9,364	17,862

10. Called up share capital

	Ordinary shares	Treasury shares	Total shares	Nominal value
(unaudited)	number	number	number	8°000
Allotted, called up and fully paid share capital comprised:
Ordinary shares of 1 pence each:
At 30 November 2023	131,386,194	4,200,000	135,586,194	1,356
Ordinary shares repurchased into treasury	(6,800,000)	6,800,000
At 31 May 2024	124,586,194	11,000,000	135,586,194	1,356

During the period ended 31 May 2024, 6,800,000 shares were bought back into treasury (six months ended 31 May 2023: nil; year ended 30 November 2023: 4,200,000 for a net consideration after costs of £7,684,000 (six months ended 31 May 2023: £nil; year ended 30 November 2023: £4,837,000).

Notes to the financial statements

continued

10. Called up share capital continued

During the period ended 31 May 2024, no shares were issued (six months ended 31 May 2023: 1,230,000; year ended 30 November 2023: 1,230,000) for a net consideration after costs of £nil (six months ended 31 May 2023: £1,789,000; year ended 30 November 2023: £1,789,000).

Since 31 May 2024, no shares have been issued.

Since 31 May 2024 and as at 29 July 2024, the Company has bought back 1,841,697 shares for costs of £2,172,000.

11. Reserves

The share premium account and capital reserve are not distributable reserves under the Companies Act 2006. In accordance with ICAEW Technical Release 02/17BL on Guidance on Realised and Distributable Profits under the Companies Act 2006, the special reserve and capital reserve of the Parent Company may be used as distributable reserves for all purposes and, in particular, the repurchase by the Parent Company of its ordinary shares and for payments such as dividends. In accordance with the Company's Articles of Association, the special reserves and revenue reserve may be distributed by way of dividend. The Parent Company's gain on the capital reserve arising on the revaluation of investments of £32,843,000 (31 May 2023: gain of £13,039,000; year ended 30 November 2023: gain of £15,447,000) is subject to fair value movements and may not be readily realisable at short notice, as such it may not be entirely distributable. The investments are subject to financial risks, as such capital reserves (arising on investments sold) and the revenue reserve may not be entirely distributable if a loss occurred during the realisation of these investments. The reserves of the subsidiary company are not distributable until distributed as a dividend to the Parent Company.

12. Financial risks and valuation of financial instruments

The Company's investment activities expose it to the various types of risk which are associated with the financial instruments and markets in which it invests. The risks are substantially consistent with those disclosed in the previous annual financial statements with the exception of those outlined below.

Market risk arising from price risk

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk) whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, climate change or other events could have a significant impact on the market price of its investments and could result in increased premiums or discounts to the Company's net asset value.

Valuation of financial instruments

Financial assets and financial liabilities are either carried in the Consolidated Statement of Financial Position at their fair value (investments and derivatives) or at an amount which is a reasonable approximation of fair value (due from brokers, dividends and interest receivable, due to brokers, accruals, cash at bank and bank overdrafts). IFRS 13 requires the Group to classify fair value measurements using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The valuation techniques used by the Group are explained in the accounting policies note 2(h) as set out on page 100 of the Group's Annual Report and Financial Statements for the year ended 30 November 2023.

Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset.

The fair value hierarchy has the following levels:

Level 1 - Quoted market price for identical instruments in active markets

A financial instrument is regarded as quoted in an active market if quoted prices are readily available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and those prices represent actual and regularly occurring market transactions on an arm's length basis. The Group does not adjust the quoted price for these instruments.

Level 2 - Valuation techniques using observable inputs

This category includes instruments valued using quoted prices for similar instruments in markets that are considered less than active, or other valuation techniques where all significant inputs are directly observable from market data.

Valuation techniques used for non-standardised financial instruments such as options, currency swaps and other over-thecounter derivatives include the use of comparable recent arm's length transactions, reference to the are substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible inputs.

34 BlackRock Energy and Resources Income Trust plc | Half Yearly Financial Report 31 May 2024

Over-the-counter derivative option contracts have been classified as Level 2 investments as their valuation has been based on market observable inputs represented by the underlying quoted securities to which these contracts expose the Group.

Level 3 - Valuation techniques using significant unobservable inputs

This category includes all instruments where the valuation technique includes inputs not based on market data and these inputs could have a significant impact on the instrument's valuation.

This category also includes instruments that are valued based on quoted prices for similar instruments where significant entity determined adjustments or assumptions are required to reflect differences between the instruments for which there is no active market. The Investment Manager considers observable data that is readily available, regularly distributed or updated, reliable, not proprietary and provided by independent sources that are actively involved in the relevant market.

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement.

Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability including an assessment of the relevant risks including but not limited to credit isk, market risk, liquidity risk business risk and sustainability risk. The determination of what constitutes 'observable' inputs requires significant judgement by the Investment Manager and these risks are adequately captured in the assumptions and inputs used in measurement of Level 3 assets or liabilities.

Financial assets/(liabilities) at fair value through profit or loss at	Level 1	Level 2	Level 3	lotal
31 May 2024 (unaudited)	£'000	£º000	£º000	E'000
Assets:
Equity investments	186,532			186,532
Fixed income investments		2,162		2,162
Liabilities:
Derivative financial instruments - written options	(5)			(5)
	186,527	2,162		188,689

Financial assets/(liabilities) at fair value through profit or loss at	Level 1	Level 2	Level 3	Total
31 May 2023 (unaudited)	000000	£º000	£ 000	£º000
Assets:
Equity investments	170,896			170,896
Fixed income investments	2,714	2,017		4,731
Liabilities:
Derivative financial instruments - commodity futures	(559)			(559)
	173,051	2,017	-	175,068
	Level 1	Level 2	Level 3	Total
Financial assets/(liabilities) at fair value through profit or loss at 30 November 2023 (audited)	£º0000	£º000	£º000	£'000
Assets:

Equity investments	169,171			169,171
Fixed income investments	4,022	2,347		6,369
Liabilities:
Derivative financial instruments - written options	(110)			(110)
Derivative financial instruments - commodity futures	(780)			(780)
	172,303	2,347		174,650

Fair values of financial assets and financial liabilities

The table below sets out fair value measurements using the IFRS 13 fair value hierarchy.

The investment in Vale debentures has been classified as Level 2 in the tables above for all periods as these are priced using secondary market pricing information provided by the Brazilian Financial and Capital Markets Association (ANBIMA).

Notes to the financial statements

continued

12. Financial risks and valuation of financial instruments continued

As at 31 May 2024, the investment in Gazprom has been valued at a nominal value of RUB0.01 (31 May 2023: RUB0.01; 30 November 2023: RUB0.01) due to lack of access to the Moscow Stock Exchange as a result of sanctions against Russia following the invasion of Ukraine. Following the suspension of the secondary listings of depositary receipts of Russian companies, the investment in Gazprom ADRs was transferred from Level 3. Towards the previous year end, the ADRs in Gazprom were converted into equity shares of Gazprom. As at the period-end, this investment is considered a Level 3 financial asset.

For exchange listed equity investments, the quoted price. Substantially, all investments are valued based on unadjusted quoted market prices. Where such quoted prices are readily available in an active market, such prices are not required to be assessed or adjusted for any business risks, including climate change risk, in accordance with the fair value related requirements of the Company's financial reporting framework.

The Company may invest no more than 10% of its net asset value in investments held through Stock Connect as set out on page 122 of the Group's Annual Report and Financial Statements for the year ended 30 November 2023.

13. Related party disclosure

Directors' emoluments

The Board consists of four non-executive Directors, all of whom are considered to be independent of the Manager by the Board. None of the Directors has a service contract with the Company. The Chairman receives an annual fee of £42,000, the Chairman of the Audit and Management Committee receives an annual fee of £35,000, the Senior Independent Director receives an annual fee of £31,000 and each of the other Directors receives an annual fee of £30,000.

As at 31 May 2024, an amount of £11,000 (31 May 2023: £11,000; 30 November 2023: £11,000) was outstanding in respect of Directors' fees.

At the period end, interests of the Directors in the ordinary shares of the Company are as set out below:

	31 May 2024	31 May 2073	30 November 2023
Mr Adrian Brown (Chairman)	35,000	35,000	35,000
Mr Andrew Robson	35,000	35,000	35,000
Mrs Anne Marie Cannon1	15,000	n/a	n/a
Mrs Carole Ferguson	14,505	10,000	14,505
Dr Carol Bell2	n/a	44,000	50,800

1 Mrs Cannon joined the Board with effect from 16 January 2024 and held no shares as at that date.

2 Dr Carol Bell retired from the Board with effect from 15 March 2024.

Since the period end and up to the date of this report there have been no changes in Directors' holdings.

Significant Holdings

The following investors are:

a. funds managed by the BlackRock Group or are affiliates of BlackRock, Inc. (Related BlackRock Funds); or

b. investors (other than those listed in (a) above) who held more than 20% of the voting shares in issue in the Company and are as a result, considered to be related parties to the Company (Significant Investors).

	Total % of shares held by Related BlackRock Funds	Total % of shares held by Significant Investors who are not affiliates of BlackRock Group or BlackRock, Inc.	Number of Significant Investors who are not affiliates of BlackRock Group or BlackRock, Inc.
As at 31 May 2024	0.75	n/a	n/a
As at 30 November 2023	0.70	n/a	n/a
As at 31 May 2023	0.95	n/a	n/a

14. Transactions with the Investment Manager and AIFM

BlackRock Fund Managers Limited (BFM) provides management and administration services to the Group under a contract which is terminable on six months' notice. BFM has (with the Group's consent) delegated certain portfolio and risk management services, and other ancillary services, to BlackRock Investment (UK) Limited (BM (UK)). Further details of the investment management contract are disclosed on page 53 of the Directors' Report in the Company's Annual Report and Financial Statements for the year ended 30 November 2023.

The investment management fee due for the six months ended 31 May 2024 amounted to £724,000 (six months ended 31 May 2023: £808,000; year ended 30 November 2023: £1,549,000). At the period end £1,088,000 was outstanding in respect of these fees (31 May 2023: £1,187,000; 30 November 2023: £742,000).

The Company is entitled to a rebate from the investment management fee charged by the Manager in the Company's ongoing charges exceed the cap of 1.25% per annum of average daily net assets. The amount of rebate accrued to 31 May 2024 amounted to £nil (six months ended 31 May 2023: £nil; year ended 30 November 2023: £nil). Any final rebate for the full year ending 30 November 2024 will not crystallise and fall due until the calculation date of 30 November 2024.

In addition to the above services, BIM (UK) has provided the Group with marketing services. The total fees paid or payable for these services for the period ended 31 May 2024 amounted to £15,000 excluding VAT (six months ended 31 May 2023: £21,000; year ended 30 November 2023: £84,000). Marketing fees of £121,000 (31 May 2023: £43,000; 30 November 2023: £106,000) were outstanding at 31 May 2024.

The ultimate holding company of the Manager and the Investment Manager is BlackRock, Inc., a company incorporated in Delaware, USA.

15. Capital commitments and contingent liabilities

The Group had no capital commitments at 31 May 2023: one SPAC PIPE commitment for investment in Lifezone Metals; year ended 30 November 2023: none). There were no contingent liabilities at 31 May 2023: none; 30 November 2023: none).

16. Publication of non-statutory accounts

The financial information contained in this Half Yearly Financial Report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information for the six months ended 31 May 2023 has not been reviewed or audited by the auditor.

The information for the year ended 30 November 2023 has been extracted from the latest published financial statements, which have been filed with the Registrar of Companies unless otherwise stated. The report of the Auditors on those accounts contained no qualification or statement under Sections 498(2) or 498(3) of the Companies Act 2006.

17. Annual results

The Board expects to announce the annual results for the year ending 30 November 2024 in January 2025.

Copies of the annual results announcement can be obtained from the Secretary on 020 7743 3000 or at [email protected]. The Annual Report and Financial Statements should be available at the beginning of February 2025, with the Annual General Meeting being held in March 2025.

Directors, management and other service providers

Directors

Adrian Brown (Chairman) Andrew Robson (Chairman of the Audit and Management Engagement Committee) Anne Marie Cannon Carole Ferguson

Registered office

(Registered in England, No. 5612963) 12 Throgmorton Avenue London EC2N 2DL

Alternative Investment Fund Manager1

BlackRock Fund Managers Limited2 12 Throgmorton Avenue l ondon FC2N 2DI Telephone: 020 7743 3000

Investment Manager and Company Secretary

BlackRock Investment Management (UK) Limited2 12 Throgmorton Avenue London EC2N 2DL

Banker, Custodian and Depositary

The Bank of New York Mellon (International) Limited² 160 Queen Victoria Street London EC4V 4LA

Registrar

Computershare Investor Services PLC2 The Pavilions Bridgwater Road Bristol BS99 6ZZ Telephone: 0370 707 1476

Auditor

Deloitte LLP 110 Queen Street Glasgow G1 3BX

Stockbroker

Winterflood Securities | imited2 The Atrium Building Cannon Bridge 25 Dowgate Hill London EC4R 2GA

Solicitor

Gowling WLG (UK) LLP 4 More London Riverside I ondon SF1 2AU

2 Authorised and regulated by the Financial Conduct Authority.

¹ BlackRock Fund Managers Limited (BFM) was appointed as the Alternative Investment Fund Manager on 2 July 2014. BlackRock Investment Management (UK) Limited continues to act as the Investment Manager under a delegation agreement with BFM.

Shareholder information

Contact information

General enquiries about the Company should be directed to:

The Company Secretary BlackRock Energy and Resources Income Trust plc, 12 Throgmorton Avenue, l ondon FC2N 2DI Telephone: 020 7743 3000

Email: [email protected]

Website

www.blackrock.com/uk/beri

Shareholder enquiries

The Company's registrar is Computershare Investor Services PLC. Certain details relating to your holding can be checked through the Computershare Investor Centre website. As a security check, specific information will be required to gain access to your account, including your shareholder reference number available from your most recent dividend counterfoil or other communication received from the registrar. Computershare's website address is www.investorcentre.co.uk. Alternatively, please contact the registrar on 0370 707 1476.

Changes of name or address must be notified in writing either through Computershare's website or sent to:

Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS99 6ZZ

Results

Full year announced in late January/early February

Half year announced in July/early August

Annual General Meeting

March

Quarterly Dividends

Dividends are paid quarterly as follows:

renoù chuilliy	Ex=udte	Payment date
28 February	March	April
31 May	June	July
31 August	September	October
30 November	December	January

Shareholder information

continued

Dividend tax allowance

The annual tax-free allowance on dividual's entire share portfolio is £500. Above this amount, individuals will pay tax on their dividend income at a rate dependent on their income tax bracket and personal circumstances. The Company continues to provide registered shareholders with confirmation of the dividends paid and this should be included with any other dividend income received when calculating and reporting total dividend income received. It is a shareholder's responsibility to include all dividend income when calculating any tax liability.

lf you have any tax queries, please contact a Financial Advisor.

Dividend reinvestment scheme (DRIP)

Shareholders may request that their dividends be used to purchase in the Company. Dividend reinvestment forms may be obtained from Computershare Investor Services PLC on 0370 707 1476 or through their secure website: www.investorcentre.co.uk. Shareholders who have already opted to have their dividends reinvested do not need to reapply.

Climate-related Financial Disclosure

BlackRock Fund Managers Limited (the Manager) has produced a supplemental detailed Climate Report which can be found on the website at www.blackrock.com/uk/literature/public-disclosure/tcfd-product-level-disclosure-report-it.pdf which is a response to, and is consistent with, all the recommended disclosures of the Task Force on Climate-related Financial Disclosures describe how the Manager incorporates climate-related risks and opportunities into governance, strategy, risk management, metrics and how the Manager is responding to the expectations of our stakeholders.

Glossary

Alternative Performance Measures (APM)

An APM is a measure of performance or financial position that is not defined in applicable accounting standards and cannot be directly derived from the financial statements.

The Group's APMs are set out below and are cross-referenced where relevant to the financial inputs used to derive them as contained in other sections of the Half Yearly Financial Report.

Closed-end company

An investment trust works along the same lines as a unit trust, in that it pools money from investors which is then managed on a collective basis. The main difference is that an investment trust is a company listed on the Stock Exchange and, in most cases, trading takes place in shares which have already been issued, rather than through the creation of units. As the number of shares which can be issued or cancelled at any one time is limited, and requires the approval of existing shareholders, investment trusts are known as closed-end funds or companies. This means that investment trusts are not subject to the same liguidity constraints as open-ended funds and can therefore invest in less liguid investments.

Discount and premium*

Investment trust shares can frequently trade at a discount to NAV. This occurs when the share price (based on the midmarket share price) is less than the NAV and investors may therefore buy shares at less than the value attributable to them by reference to the underlying assets. The difference between the share price and the NAV, expressed as a percentage of the NAV.

As at 31 May 2024, the share price was 121.50p (31 May 2023: 111.60p; 30 November 2023: 110.40p) and the NAV was 138.24p (31 May 2022: 122.79p; 30 November 2023: 123.58p); therefore, discount was 12.1% (31 May 2023: discount of 9.1%; 30 November 2023: discount of 10.7%) (please see note 8 of the financial statements for the inputs to the calculations).

A premium occurs when the share price (based on the mid-market share price) is more than the NAV and investors would therefore be paying more than the value attributable to the shares by reference to the underlying assets. For example, if the share prices was 370p and the NAV was 365p, the premium would be 1.4%.

Discounts and premium are mainly the consequence of supply and demand for the shares on the stock market.

Gearing and borrowings*

Investment companies can borrow to purchase additional investments. This is called 'gearing'. It allows investment companies to take advantage of a long-term view on a sector or to take advantage of a favourable situation or a particularly attractive stock without having to sell existing investments.

Gearing works by magnifying a company's performance. If a company 'gears up' and then markets rise and returns on the investments outstrip the costs of borrowing, the overall returns to investors will be even greater. But if markets fall and the performance of the assets in the portfolio is poor, then losses suffered by the investor will also be magnified.

The Group may achieve gearing through borrowings or the effect of gearing through an appropriate balance of equity capital, investment in derivatives and structured instruments, and borrowings. Gearing through the use of derivatives is limited to a maximum of 30% of the Group's assets for the purposes of efficient portfolio management and to enhance portfolio returns. Gearing through borrowings is limited to 40% of the Group's gross assets; however borrowings are not envisaged to exceed 20% of the Group's gross assets at the date or drawdown.

Glossary continued

Net gearing calculation	Page	31 May 2024 £'000 (unaudited)	31 May 2023 £'000 (unaudited)	30 November 2023 £'000 (audited)
Net assets	26	172,233	166,490	162,362	a
Borrowings	26	15,213	9,364	17,862	(b)
Total assets (a + b)		187,446	175,854	180,224	(c)
Current assets1	26	1,095	2,249	7,562	(d)
Current liabilities (excluding borrowings)	26	(2,343)	(2,022)	(2,878)	(e)
Net current (liabilities)/assets (d + e)		(1,248)	227	4,684	(f)
Net gearing figure (g=(c-f-a)/a) (%)		9.6	5.5	8.1	(g)

1 Includes cash at hank

Gross assets

Gross assets is defined as the total of the Group's net assets and borrowings.

Leverage

Leverage is defined in the AIFM Directive as "any method by which the AIFM increases the exposure of an AlF it manages whether through borrowing of cash or securities, or leverage embedded in derivative positions or by any other means".

Leverage is measured in terms of 'exposure' and is expressed as a ratio of net asset value:

Exposure Leverage ratio ll Net assets

The Directive sets out two methodologies for calculating exposure. These are the Gross Method and the Commitment Method. The treatment of cash and cash equivalent balances in terms of calculating what constitutes an "exposure" under AlFMD differs for these two methods. The definitions for calculating the Gross Method exposures require that "the value of any cash and cash equivalents which are highly liquid investments held in the base currency of the AIF, that are readily convertible to a known amount of cash, are subject to an insignificant risk of change in value and provide a return no greater than the rate of a three-month high quality government bond" should be excluded from exposure calculations.

NAV and share price return (with dividends reinvested)*

Performance statistics enable the investor to make performance comparisons between investment trusts with different dividend policies. The performance measures the combined effect of any dividends paid, together with the rise or fall in the share price or NAV. This is calculated by the movement in the share price or NAV plus the dividends paid by the Group assuming these are reinvested in the Group at the prevailing NAV/share price (please see note 8 of the financial statements for the inputs to the calculations).

NAV total return	Page	Six months to 31 May 2024 (unaudited)	Six months to 31 May 2023 (unaudited)	Year to 30 November 2023 (audited)
Closing NAV per share (pence)	33	138.24	122.79	123.58
Add back interim and final dividends (pence)	25	2.25	2.20	4.40
Effect of dividend reinvestment (pence)		0.20	(0.12)	(0.17)
Adjusted closing NAV (pence)		140.69	124.87	127.81	(a)
Opening NAV per share (pence)	33	123.58	144.92	144.92	(b)
NAV total return (c = ((a - b)/b)) (%)		13.8	(13.8)	(11.8)	(c)

* Alternative Performance Measure.

Share price total return	Page	Six months to 31 May 2024 (unaudited)	Six months to 31 May 2023 (unaudited)	Year to 30 November 2023 (audited)
Closing share price (pence)	33	121.50	111.60	110.40
Add back interim and final dividends (pence)	25	2.25	2.20	4.40
Effect of dividend reinvestment (pence)		0.20	(0.29)	(0.37)
Adjusted closing share price (pence)		123.95	113.51	114.43	a)
Opening share price (pence)	33	110.40	135.00	135.00	(b)
Share price total return (c = ((a - b)/b)) (%)		12.3	(15.9)	(15.2)	(c)

Net asset value per share (Cum income NAV)

This is the value of the Group's assets attributable to one ordinary share. It is calculated by dividing 'equity shareholders' funds' by the total number of ordinary shares in issue (excluding treasury shares). For example, as at 31 May 2024, equity shareholders' funds were worth £172,233,000 (31 May 2023: £166,490,000; 30 November 2023 £162,362,000) and there were 124,586,194 (31 May 2023: 135,586,194; 30 November 2023: 131,386,194) ordinary shares in issue (excluding treasury shares); the undiluted NAV was therefore 138.24p per ordinary share (31 May 2023: 122.79p; 30 November 2023: 123.58p) (please see note 8 of the financial statements for the inputs to the calculations).

Equity shareholders' funds are calculated by deducting from the Group's total assets, its current and long-term liabilities and any provision for liabilities and charges.

Net asset value per share (capital only NAV)*

The capital only NAV is a popular point of reference when comparing a range of investment trusts. This NAV focuses on the value of the Group's assets disregarding the current period revenue income, on the basis that most trusts will distribute substantially all of their income in any financial period. It is calculated by dividing 'equity shareholders' funds' (excluding current period revenue) by the total number of ordinary shares in issue.

As at 31 May 2024, equity shareholders' funds less the current year net revenue return (after interim dividends) amounted to £171,322,000 (31 May 2023: £164,772,000; 30 November 2023: £161,039,000) and there were 124,586,194 (31 May 2023: 135,586,194; 30 November 2023: 131,386,194) ordinary shares in issue (excluding treasury shares); therefore the capital only NAV was 137.51p (31 May 2023: 121.53p; 30 November 2023: 122.57p).

Equity shareholders' funds (excluding current period revenue) of £171,322,000 (31 May 2023: £164,772,000; 30 November 2023: £161,039,000) are calculated by deducting from the Group's net assets £172,233,000 (31 May 2023: £16,490,000; 30 November 2023: £162,362,000) its current period revenue £2,334,000 (31 May 2023: £3,209,000; 30 November 2023: £5,774,000) and adding back the interim dividends paid from revenue £1,423,000 (31 May 2023: £1,491,000; 30 November 2023: £4,451,000).

Ongoing charges ratio*

Ongoing charges (%) =

Annualised ongoing charges

Average undiluted net asset value in the period

Ongoing charges are those expenses of a type which are likely to recur in the foreseeable future, whether charged to capital or revenue, and which relate to the operation of the investment company as a collective fund. Ongoing charges are based on costs incurred in the year as being the best estimate of future costs and include the annual management charge.

As recommended by the AIC in its guidance, ongoing charges are calculated using the Group's annualised recurring revenue and capital expenses (excluding finance costs, direct transaction charges, VAT recovered, taxation, prior year expenses written back and certain non-recurring items) expressed as a percentage of the average daily net assets of the Group during the year.

Glossary continued

The inputs that have been used to calculate the ongoing charges percentage are set out in the following table.

Ongoing charges calculation	Page	30 November 2023 £'000 (audited)	30 November 2022 £'000 (audited)
Management fee	30	1,549	1,358
Other operating expenses1	31	556	457
Total management fee and other operating expenses		2,105	1,815	a)
Average daily net assets in the year		176,911	160,532	(b)
Ongoing charges (c = a/b) (%)		1.19	1.13	(c)

1 Excluding the write back of prior year expenses totalling £21,000 during the year ended 30 November 2022: Enil), non-recurring expenses of £nil (30 November 2022: £49,000 relating to stock exchange listing fees) and provision for doubtful debts of £nil (30 November 2022: £380,000).

The Company's ongoing charges (including the investment management fee), will be capped at 1.25% per annum of average daily net assets.

Options and options overwriting strategy

An option is a contract that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price (the strike price) during a certain period of time or on a specific date) for a fee (the premium). The sale of call or put options on stocks that are believed to be overpriced or underpriced, based on the assumption that the options will not be exercised, is referred to as an 'options overwriting' strategy.

The seller of the option collects a premium but, if the option subsequently expires without being exercised, there will be no down side for the seller. However, if the stock rises above the exercise price the option is likely to exercise the option and this strategy can reduce returns in a rising market.

The Group employs an options overwriting strategy but seeks to mitigate risk by utilising predominantly covered call options (meaning that call options are only written in respect of stocks already owned within the Group's portfolio such that, if the options are exercised, the Group does not need to purchase stock externally at fluctuating market its obligations under the options contract). Any use of derivatives for efficient portfolio management and options for investment purposes will be made on the basis of the same principles of risk spreading and diversification that apply to the Group's direct investments.

Quoted securities and unquoted securities

Securities that trade on an exchange for which there is a publicly quoted securities are financial securities that do not trade on an exchange and for which there is not a publicly quoted price.

Revenue profit and revenue reserves

Revenue profit is the net revenue income earned after deduction of fees and expenses allocated to the revenue account and taxation suffered by the Group. Revenue reserves is the undistributed income that the Group keeps as reserves. Investment trusts do not have to distribute all the income they generate, after expenses. They may retain up to 15% of revenue generated which will be held in a revenue reserve can be used at a later date to supplement dividend payments to shareholders.

Treasury shares

Treasury shares are shares that a company keeps in its own treasury which are not currently issued to the public. These shares do not pay dividends, have no voting rights and are not included in a company's total issued share capital amount for calculating percentage ownership. Treasury stock may have come from a repurchase or buy back from shareholders, or it may never have been issued to the public in the first place. Treasury shares may be reissued from treasury to the public to meet demand for a company's shares in certain circumstances.

^* Alternative Performance Measure.

Total dividends and yield*

Total dividends represent total quarterly and final dividends declared by the Company for a particular year. The yield is the amount of cash (in percentage terms) that is returned to the owners of the security, in the form of interest or dividends received from it. Normally, it does not include the price variations, distinguishing it from the total return.

Yield	Page	31 May 2024 (unaudited)	31 May 2023 (unaudited)	30 November 2023 (audited)
Interim dividends payable/paid (pence)2	25	4.475	4.400	4.425	(a)
Ordinary share price (pence)	33	121.50	111.60	110.40	(b)
Yield (c = a/b) (%)		3.7	3.9	4.0	(c)

1 Comprising dividends declared/paid for the twelve months to 31 May and 30 November.

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AI Terminal

Blackrock Energy & Resources Income Trust PLC

5358_ir_2024-08-01_c972518e-46f5-424a-ab22-d54985f630ea.pdf

BlackRock Energy and Resources Income Trust plc

Keeping in touch

Financial highlights

138.24p

Why BlackRock Energy and Resources Income Trust plc?

Investment objective

Reasons to invest

Inflation sensitivity

Energy Transition opportunities

✔ Yield

✔ Expertise

✔ Flexibility

ESG integration

A member of the Association of Investment Companies

Contents

Section 1: Overview and performance

Performance record

Performance from 31 May 2019 to 31 May 2024

Chairman's Statement

Dear Shareholder

Market overview

Performance

Revenue return and dividends

Gearing

Management of share rating

Market outlook & portfolio positioning

Investment Managers' Report

Market overview

Figure 1: Top 5 contributing stocks by year (% return contribution to overall return on S&P 500 Index)

Portfolio activity & investment performance

Figure 2: Portfolio positioning

Figure 3: Relative change in portfolio positioning

Income

Traditional Energy

Energy Transition

Figure 8: United States Internet Energy Consumption Forecast

Mining

Figure 9: Morgan Stanley estimated gross profit/tonne for Mill – Rebar Steel

Figure 11: LME COTR1 Investment Fund

Market outlook and portfolio positioning

Tom Holl and Mark Hume

Distribution of investments

Asset allocation - Geography

Ten largest investments

1 Anglo American Ť202ƃIJ 65tť

2 Rio Tinto Ť202ƃIJ 4tť

3 Teck Resources Ť202ƃIJ Ɓ4tť

Diversified mining group

4 Glencore Ť202ƃIJ Ɓstť

Integrated oil group

Investments

8 ▼ BHP (2023: 2nd)

Diversified mining group

9 ▲ Schneider Electric (2023: 21st)

10 > Hess (2023: 10th)

Investments

Investments

Interim Management Report and Responsibility Statement

Principal risks and uncertainties

Going concern

Related party disclosure and transactions with the Investment Manager

Directors' responsibility statement

Consolidated Statement of Comprehensive Income

Consolidated Statement of Changes in Equity

Consolidated Statements of Financial Position

Consolidated Cash Flow Statement

Notes to the financial statements

1. Principal activity

2. Basis of preparation

Adoption of new and amended International Accounting Standards and interpretations:

Relevant International Accounting Standards that have yet to be adopted:

3. Income

Notes to the financial statements

4. Investment management fee

5. Other operating expenses

Notes to the financial statements

6. Finance costs