Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 30 June 2009 and unaudited.

Performance at month end with net income reinvested

                          One     Three       Six       One      Since    
                        Month    Months    Months      Year     Launch*  
                                                                               
Net asset value         -6.2%     11.1%     15.0%     -41.0%     16.1%             
Share price             -4.2%      6.7%     23.5%     -36.7%     16.6%             

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
                                                                               
Net asset value - capital only:                     96.78p                     
Net asset value - cum income**:                     97.50p                     
Share price:                                        99.75p                     
Premium to NAV (capital only):                       3.07%                     
Net yield:                                           5.49%                     
Gearing - cum income:                                0.39%                     
Revenue per share:                                   0.72p^                    
Total assets:                                      £73.00m^^                   
Ordinary shares in issue:                       74,575,662                     

**Includes net revenue of 0.72p.
^Revenue per share is stated after deduction of the first quarterly dividend of
1.35p which was paid on 24 April 2009 and the second quarterly
dividend of 1.35p which is due to be paid on 24 July 2009.
^^includes current year revenue.

                                    % of Total                          % of Total
Sector Analysis                         Assets    Country Analysis          Assets
                                                                               
Integrated Oil                            26.1    Europe                      29.4
Diversified                               18.7    USA                         22.9
Exploration & Production                  15.7    Canada                      16.0
Copper                                     5.6    Asia                        11.3
Gold                                       5.4    Latin America                9.7
Oil Services                               5.3    South Africa                 3.8
Fertilizers                                4.3    China                        1.8
Coal                                       3.8    India                        1.7
Aluminium                                  3.3    Australia                    1.2
Nickel                                     2.7    Russia                       0.7
Platinum                                   2.6    Africa                       0.6
Tin                                        1.8    Current assets               1.1
Zinc                                       1.4                               -----
Distribution                               1.2                               100.0
Iron Ore                                   1.0                               =====
Current assets                             1.1                                 
                                         -----                                 
                                         100.0                                 
                                         =====                                 

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
BHP Billiton                              Global                               
BP                                        Global                               
Eni                                       Europe                               
Exxon Mobil                               Global                               
Freeport McMoran Copper & Gold            Asia                                 
Niko Resources                            Asia                                 
Rio Tinto                                 Global                               
StatoilHydro                              Europe                               
Total                                     Global                               
Vale                                      Latin America                        

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

After a strong start to the month, commodity markets gave back their gains as
disappointing US unemployment data renewed concerns about the economy. In
addition, re-stocking of commodities by China showed signs of slowing in June.
The start of the summer, typically a weak period for many commodities, also
weighed on the market. In Sterling terms, mining and energy shares closed the
month down 7%.

June was a busy month for corporate activity in the mining sector. Rio Tinto
successfully completed a US$15bn rights issue in the UK and Australia, putting
the company's balance sheet back on a more stable footing. At the same time,
Rio announced an iron ore joint venture with BHP Billiton, raising another
US$6bn. The proceeds will be used to pay part of the debt that the company took
on to buy Canadian aluminium producer Alcan in 2007. The transactions also
replace the proposed bond and asset sale to Chinalco, the Chinese state-owned
company. Chinalco took up its full allocation to the rights issue - maintaining
its stake in the company at around 9%. Meanwhile, Xstrata announced a proposed
"merger of equals" with Anglo American, which was swiftly rebuffed by the
management of Anglo. Xstrata outlined cost synergies of approximately US$1bn
for the combined group, which would create an organisation with a market cap of
over US$70bn that would be the world's largest producer of zinc, platinum,
diamonds, thermal coal and ferrochrome (and the second largest producer of
coking coal and copper).

Oil prices reached a new high for the year of US$73/Bbl in June, despite the
fact the crude inventories remain at high levels. OECD oil inventories are at
62 days forward cover (according to the IEA) - a level of 50 to 55 days forward
cover would be more bullish at this stage of the year. However, the IEA also
indicated that due to supply cuts, much of this inventory would be run down
before the end of the year. We are also moving into the summer driving season
in the US, a period of seasonally higher demand for gasoline.

As we move into the second half of the year, we have started to see some
analyst upgrades to the sector, a bullish signal for investors, as the
worst-case scenarios predicted at the start of the year have not materialised.
For example, UBS have lifted their 2010 copper forecast by 43%, nickel up by
33%, gold and platinum by 17% and oil by 21%.

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).

23 July 2009