Portfolio Update

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 October 2007 and unaudited.

Performance at month end with net income reinvested

                       One       Three        Six      One     Since
                     Month      Months     Months     Year    Launch*
                                                                              
Net asset             8.9%       23.7%      36.9%    63.7%      81.2%                   
value                                                                         
                                                                              
Share price           7.3%       21.9%      39.4%    62.3%      70.3%                   

*Launched on 13 December 2005.

Sources: Datastream, BlackRock MLIM.

At month end                                                                   
                                                                               
Net asset value - capital only:       163.24p                                  
                                                                               
Net asset value - cum income:         165.68p                                  
                                                                               
Share price:                          158.75p                                  
                                                                               
Discount to NAV (capital only):       2.8%                                     
                                                                               
Net yield:                            2.9%                                     
                                                                               
Gearing:                              4.7%                                     
                                                                               
Revenue per share:                    2.44p*                                   
                                                                               
Total assets:                         £119.3m                                  
                                                                               
Ordinary shares in issue:             69,610,662                               
                                                                               
*revenue per share excludes the first interim dividend paid on 27 April 2007,  
the second interim dividend paid on 27 July 2007 and the third interim dividend
which was paid on 26 October 2007.                                             

Sector Analysis               % of Total   Country Analysis          % of Total
                                  Assets                                 Assets
                                                                               
Integrated Oil                      26.2   Global                          18.3
                                                                               
Diversified                         20.6   Australia                       16.5
                                                                               
Exploration & Production            11.0   Canada                          13.3
                                                                               
Nickel                               8.5   USA                             13.1
                                                                               
Gold                                 6.7   Europe                          12.2
                                                                               
Coal                                 4.8   Latin America                    8.2
                                                                               
Platinum                             4.7   China                            6.7
                                                                               
Aluminium                            4.0   Asia                             5.7
                                                                              
Copper                               3.8   South Africa                     3.7
                                                                               
Zinc                                 3.1   Russia                           2.1
                                                                               
Oil Services                         2.5   India                            1.2
                                                                               
Uranium                              2.0   Africa                           0.6
                                                                               
Tin                                  1.3   Current liabilities            (1.6)
                                                                               
Refining and Marketing               0.9                                 ------
                                                                               
Distribution                         0.7   Total                          100.0
                                                                               
Diamonds                             0.5                                 ------      
                                                                               
Mineral Sands                        0.3                                       
                                                                               
Current liabilities                (1.6)                                       
                                                                               
                                  ------                                       
                                                                               
Total                              100.0 

                                  ------                                      

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Co Company                                Region of Risk                       
                                                                               
BHP Billiton                              Global                               
                                                                               
China Shenhua Energy                      China                                
                                                                               
CNOOC                                     China                                
                                                                               
CVRD                                      Latin America                        
                                                                               
Eni                                       Europe                               
                                                                               
Jubilee Mines                             Australia                            
                                                                               
Rio Tinto                                 Global                               
                                                                               
Statoil                                   Europe                               
                                                                               
Straits Resources                         Australia                            
                                                                               
Zinifex                                   Australia                            

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

Base metal prices drifted lower in October on concerns about global economic
growth. Mining equities fared much better, however, buoyed by Xstrata's cash
bid for Jubilee Mines, the Australian nickel producer. Jubilee, which was one
the Trust's key positions, closed the month up 39.1% (in sterling terms). In
other news, both BHP Billiton and Rio Tinto, the world's two largest mining
companies, released third quarter production numbers that fell short of
expectations. Lack of infrastructure, labour and equipment were key constraints
for both companies. This, in our view, will keep upwards pressure on commodity
prices going forward. In the energy market, the oil price moved above the US$90
/Bbl, finishing the month at US$94.5/Bbl. The move reflects the current
tightness in market fundamentals especially ahead of increased seasonal demand
as winter approaches. The weaker US$, lower US oil inventory levels and supply
disruptions from Mexico have also added to recent oil price strength.

Please note that on 8 November, and thus outside the period under review, BHP
Billiton approached Rio Tinto with regards to a potential combination of the
two businesses. Both Rio Tinto and BHP Billiton are top ten holdings of the
Company.

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).

11 December 2007