Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 January 2009 and unaudited.

Performance at month end with net income reinvested

                          One    Three        Six       One    Since    
                        Month   Months     Months      Year   Launch*  
                                                                               
Net asset value         -4.3%     5.5%     -40.2%    -39.8%    -1.8%             
Share price              4.8%    10.1%     -35.5%    -35.7%    -1.0%             

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
                                                                               
Net asset value - capital only:                     82.66p                     
Net asset value - cum income**:                     83.44p                     
Share price:                                        87.00p                     
Premium to NAV (capital only):                       5.25%                     
Net yield:                                           6.21%                     
Gearing - cum income:                                9.87%                     
Revenue per share:                                   0.78p                    
Total assets:                                      £66.94m^^                    
Ordinary shares in issue:                       72,310,662                     

**Includes net revenue of 0.78p.
^^includes current year revenue.

                               % of Total                           % of Total
Sector Analysis                    Assets     Country Analysis          Assets
                                                                               
Integrated Oil                       27.1     Europe                      29.3
Diversified                          16.9     USA                         27.8
Exploration & Production             15.3     Canada                      12.8
Gold                                  8.9     Asia                         9.3
Fertilizer                            5.5     Latin Amercia                9.1
Copper                                4.9     Russia                       2.4
Oil Services                          4.8     South Africa                 2.4
Platinum                              3.3     China                        1.4
Aluminium                             2.9     Australia                    0.9
Coal                                  2.5     India                        0.9
Nickel                                1.8     Africa                       0.7
Distribution                          1.3     Current liabilities         (0.3)
Tin                                   1.2                                -----
Zinc                                  0.6                                100.0
Current liabilities                  (0.3)                               =====
                                    -----                                 
                                    100.0                                 
                                    =====                                 

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
Anadarko Petroleum                        USA                                  
BHP Billiton                              Global                               
BP                                        Global                               
Conocophillips                            USA                                  
Eni                                       Europe                               
Exxon Mobil                               Global                               
Rio Tinto                                 Global                               
StatoilHydro                              Europe                               
Total                                     Global                               
Vale                                      Latin America                        

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

Oil prices fell back to US$42 per barrel during the month. Concerns over demand
for oil and gas continue to be the focus of the market. While the slowdown in
the developing world's oil consumption has been the prime concern in the past
few months, attention has now turned to the faster growing non-OECD nations.
Here, there has at least been a notable decline in electricity consumption and
car sales in recent months. Meanwhile forecasts for Chinese 2009 oil demand
growth have fallen to +1.1% (vs. +4.2% in 2008). This would be the lowest
growth rate in China since 2001.

There are some interesting data points regarding the supply side to consider.
Non-OPEC oil supply in 2008 was lower than 2007 levels, as large developments
in deep-water areas were delayed and Russian oil production peaked. In 2009
several of these delayed projects are due to come on line. At the same time,
additional biofuels production and natural gas liquids are adding to the mix,
such that non-OPEC production is forecast to increase by 0.5m barrel per day in
2009. This is unfortunate timing, given the lack of extra demand currently
available to absorb these additional barrels. In an attempt to tighten up the
market OPEC, has announced production cuts of 4.2m barrel per day from previous
production levels and there are some early signs that this is beginning to
stabilise the market. Longer term oil supply is already significantly
constrained due to the declining production of aging oil fields. This issue is
being compounded by additional project delays, declining rig counts, and the
cancellation of new projects. In our opinion, the long term supply picture has
deteriorated which could feed through to higher prices when demand recovers.

Metals and minerals prices were a mixed bag during the month. The market is
beginning to focus on the production cuts which mining companies have been
making in order to offset demand weakness. For example, we have already seen
supply cuts in excess of 17% of nickel supply and, 13% of aluminium supply.
This may help support commodity prices in the shorter term. There have also
been significant cutbacks to capital budgets that will impact longer-term
supply.

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).

24 February 2009