Portfolio Update

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 January 2008 and unaudited.

Performance at month end with net income reinvested

                        One     Three       Six       One     Since
                      Month    Months    Months      Year    Launch*
Net asset value       -8.8%     -9.9%     11.4%     42.3%     63.2%                   
Share price           -7.7%     -9.6%     10.2%     46.7%     54.0%                   
*Launched on 13 December 2005.

Sources: Datastream, BlackRock MLIM.


At month end                                                                   
Net asset value - capital only:       146.68p                                  
Net asset value - cum income:         147.54p                                  
Share price:                          141.75p                                  
Discount to NAV (capital only):          3.4%                                     
Net yield:                               3.7%                                     
Gearing:                                10.1%                                    
Revenue per share:                      0.86p                                    
Total assets:                         £113.6m                                  
Ordinary shares in issue:          69,610,662                               
(excluding Treasury shares)                                                    
                                                                               

Sector Analysis               % of Total         Country Analysis            % of Total
                                  Assets                                         Assets
                                                                               
Integrated Oil                      22.6         Global                            20.8
Diversified                         19.5         USA                               16.4
Exploration & Production            13.3         Asia                              12.7
Gold                                 8.0         Europe                            11.0
Platinum                             7.0         Canada                            10.4
Aluminium                            5.5         Latin America                      8.8
Coal                                 5.2         Australia                          6.1
Copper                               4.6         South Africa                       5.8
Nickel                               4.4         China                              4.7
Oil Services                         3.7         Russia                             2.0
Zinc                                 2.0         Africa                             0.9
Tin                                  1.0         Current assets                     0.4 
Refining & Marketing                 0.8                                         ------
Distribution                         0.7         Total                            100.0
Uranium                              0.7                                       
Diamond                              0.3                                       
Mineral Sands                        0.3                                       
Current assets                       0.4                                            
                                  ------                                       
Total                              100.0                                       


Ten Largest Equity Investments (in alphabetical order)                         
Company                           Region of Risk                       
                                                                               
Alcoa                             USA                                  
BHP Billiton                      Global                               
Chevron                           Global                               
CVRD                              Latin America                        
Eni                               Europe                               
Rio Tinto                         Global                               
Statoil                           Europe                               
Straits Asia Resources            Asia                                 
Straits Resources                 Australia                            
Total                             Global                               


Commenting on the markets, Richard Davis, representing the Investment Manager
noted:

Heightened fears over the potential for the US economy to slide into recession
weighed heavily on equity markets during January, with the energy and mining
indices falling 11.6% and 4.4% respectively. In the energy market, oil prices
briefly moved above the US$100/Bbl level during the month before closing at
US$91/Bbl. OPEC met in early February but did not increase production levels,
despite pressure from western governments keen to cool inflation. It was a
particularly volatile period for the mining sector, with supply side shocks
such as widespread flooding in Australia and power shortages in South Africa
playing their part in keeping the market tight. In addition, China has
undergone one of the coldest periods in the past 100 years and has seen a surge
in the demand for coal as a result. In equity news, Chinalco and Alcoa bought a
circa 9% stake in Rio Tinto. Shortly afterwards, BHP Billiton made a bid for
Rio Tinto, having proposed a merger last year. We will be monitoring this
situation very closely. Meanwhile, CVRD confirmed that it is in talks with
Xstrata.

Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

29 February 2008