Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 28 February 2009 and unaudited.

Performance at month end with net income reinvested

                          One    Three      Six       One      Since    
                        Month   Months   Months      Year     Launch*  
                                                                               
Net asset value         -2.8%     2.4%   -43.8%    -50.2%      -6.1%             
Share price             -4.6%    16.6%   -39.7%    -48.6%      -5.6%             

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
                                                                               
Net asset value - capital only:                     79.73p                     
Net asset value - cum income**:                     81.13p                     
Share price:                                        83.00p                     
Premium to NAV (capital only):                       4.10%                     
Net yield:                                           6.51%                     
Gearing - cum income:                                9.17%                     
Revenue per share:                                   1.40p                     
Total assets:                                      £65.04m^                    
Ordinary shares in issue:                       72,810,662                     

**Includes net revenue of 1.40p.
^includes current year revenue.

                                    % of Total                            % of Total
Sector Analysis                         Assets      Country Analysis          Assets
                                                                               
Integrated Oil                            24.6      Europe                      31.5
Diversified                               18.1      USA                         25.1
Exploration & Production                  14.5      Canada                      13.7
Gold                                       9.2      Latin America                9.5
Copper                                     8.4      Asia                         8.8
Fertilizer                                 4.8      Russia                       2.7
Oil Services                               4.6      South Africa                 1.8
Aluminium                                  2.7      China                        1.3
Platinum                                   2.7      Australia                    1.0
Coal                                       2.4      India                        0.8
Nickel                                     1.6      Africa                       0.7
Distribution                               1.4      Current assets               3.1
Tin                                        1.2                                 -----
Zinc                                       0.7                                 100.0
Current assets                             3.1                                 =====
                                         -----                                 
                                         100.0                                 
                                         =====                                 

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

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

Oil prices fell to US$34/barrel mid-month as US inventory levels came in higher
than expected. Prices then recovered to close the month at US$45/barrel. Energy
equities however, were weaker. The market continues to be weighted down by
concerns over demand. Indeed, between July 2008 and February 2009, the IEA's
global oil demand estimate reduced from 87.7 million barrel/day 84.7 million
barrel/day. Consequently, 2009 now marks a second consecutive year of falling
oil demand, a phenomenon not seen since the early 1980s. Weaker oil demand has
not gone unnoticed by OPEC, which has announced production cuts of 4.2 million
barrel/day from previous production levels. The cartel also stated that US$75/
barrel is a reasonable price to encourage further investment. While OPEC alone
cannot cure all the oil market's ills, compliance with recent quota cuts will
go a long way to stabilising the oil price. In its 2008 World Energy Outlook,
the IEA calculated that annual decline rates were now running at over 9%
pre-investment and over 6% post-investment.

In the mining sector, base metals were relatively flat during the month. Gold
performed well, trading back above the US$1,000/oz level on renewed investment
demand. The key events in the mining sector during February involved China,
which announced several large scale commodity purchases. This included 290,000
tonnes of primary aluminium and 159,000 tonnes of refined zinc. These purchases
helped stabilise commodity prices during the month. In addition to commodity
purchases, China also made several equity related transactions. The most
important was the announcement by Rio Tinto that Chinalco (the Chinese state
owned aluminium producer) had agreed to acquire minority stakes in some core
Rio Tinto assets and to purchase convertible bonds. The transaction is worth
around US$19.5 billion. If the bonds are converted, Chinalco's holding in Rio
Tinto will rise to around 19%. Although this deal is controversial, it does
help reduce some of the concerns about Rio Tinto's debt obligations, which have
been weighing heavily on the stock of late. The deal still requires approval
from the Australian regulator and shareholders. As the world's largest consumer
of most commodities (except oil), China is crucial for future demand and it is
certainly encouraging to see them taking action to secure commodities at these
lower prices as well as securing future production. This is an indication that
they at least believe they will continue to consume large quantities in the
future. China's political elite continue to state that they are targeting
Chinese GDP growth of 8% in 2009.

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).

26 March 2009