Portfolio Update

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 November 2007 and unaudited.

Performance at month end with net income reinvested

                       One     Three       Six     One     Since
                     Month    Months    Months    Year    Launch*
                                                                              
Net asset value      -4.5%     21.7%     20.6%   55.8%     72.9%                   
Share price          -5.7%     21.9%     22.3%   53.8%     60.6%                   

*Launched on 13 December 2005.

Sources: Datastream, BlackRock MLIM.

At month end                                                                   
                                                                               
Net asset value - capital only:     154.93p                                  
Net asset value - cum income:       158.15p                                  
Share price:                        149.75p                                                                              
Discount to NAV (capital only):        3.3%                                     
Net yield:                             3.1%                                     
Gearing:                               3.5%                                     
Revenue per share:                    3.22p*                                   
Total assets:                       £111.8m                                  
Ordinary shares in issue:                                            
(excluding Treasury shares)      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                    28.5      Global                         22.1
Diversified                       21.4      USA                            15.4
Exploration & Production          10.5      Canada                         12.2
Gold                               7.0      Europe                         12.1
Coal                               5.1      Australia                      10.1
Aluminium                          5.0      Asia                            8.2
Nickel                             4.7      Latin America                   7.9
Platinum                           4.6      China                           5.9
Oil Services                       3.5      South Africa                    3.6
Copper                             3.4      Russia                          2.3
Zinc                               2.8      India                           0.7
Tin                                1.2      Africa                          0.6
Uranium                            1.1      Current liabilities            (1.1)
Refining and Marketing             0.8                                   ------
Distribution                       0.7      Total                         100.0
Diamond                            0.5                                       
Mineral Sands                      0.3                                       
Current liabilities               (1.1)                                       
                                ------     
Total                            100.0                                       

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

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

Concerns over the impact of the credit crisis and the potential for it to
derail global growth again weighed on equity markets during the month. However,
the mining sector was buoyed by the announcement early in the month of an
approach by BHP Billiton to Rio Tinto with a view to the two companies merging.
This merger, if completed, would create the world's largest diversified mining
group with market leading positions in iron ore, copper and aluminium. In our
view this highlights the value to be found in mining equities and that it
remains cheaper for companies to grow through M&A as they struggle to grow
organically. In the energy sector, the oil market remains tight, trading around
US$90/Bbl primarily due to supply-demand imbalances and concerns over low
inventories in the US as we move into the period of winter higher demand. OPEC
increased their production towards the end of the month.

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 January 2008