Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC
All information is at 30 November 2008 and unaudited.

Performance at month end with net income reinvested
                          One     Three      Six      One      Since    
                        Month    Months   Months     Year     Launch*  
Net asset value         -1.5%    -45.1%   -55.3%   -47.0%      -8.3%             
Share price             -9.9%    -48.3%   -59.8%   -49.6%     -19.1%            

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
Net asset value - capital only:                     77.76p                     
Net asset value - cum income**:                     80.70p                     
Share price:                                        72.50p                     
Premium to NAV (capital only):                        6.8%                     
Net yield:                                            8.0%                     
Gearing - cum income:                                13.0%                     
Revenue per share:                                   2.94p^                    
Total assets:                                      £66.62m^^                    
Ordinary shares in issue:                       71,810,662#                    

# 500,000 shares were sold out of Treasury on 04/11/08 for £431,500.
**Includes net revenue of 2.94p.
^Revenue per share is stated after deduction of the first quarterly dividend of
1.3125p which was paid on 25 April 2008, and the second quarterly dividend of
1.3125p which was paid on 25 July 2008 and the
third quarterly dividend of 1.3125p which will be paid on 24 October 2008.
^^includes current year revenue.

                               % of Total                       % of Total
Sector Analysis                    Assets  Country Analysis          Assets
                                                                             
Integrated Oil                       27.6  Europe                      29.9
Diversified                          16.5  USA                         28.6
Exploration & Production             16.2  Canada                      12.2
Gold                                  7.6  Asia                         9.5
Oil Services                          5.5  Latin Amercia                8.1
Copper                                5.3  South Africa                 4.2
Aluminium                             4.3  Russia                       2.5
Platinum                              3.4  Australia                    1.4
Agriculture                           2.6  China                        1.1
Coal                                  2.0  Africa                       0.8
Fertilizer                            1.8  India                        0.8
Nickel                                1.8  Current assets               0.9
Iron Ore                              1.6                             -----
Distribution                          1.2                             100.0
Tin                                   1.1                             =====
Zinc                                  0.6                                 
Current assets                        0.9                                 
                                    -----                                 
                                    100.0                                 
                                    =====                                 

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

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

November was another disappointing month for the commodities sector. In the
energy market, the oil price declined 26.6% (in US Dollar terms) to finish the
month at US$49.8/Bbl. The market continues to be pressured by declines in OECD
demand. Meanwhile on the supply side, decline rates - the rates at which
production from mature oilfields decline each year - are increasing. The
International Energy Agency's latest World Energy Outlook states that, without
extra investment to raise production, global decline rates are running at
around 9%. With investment, the rates are running at somewhere between 6.4% and
6.7%. These rates are double the rates of 2000 and 2001. This underscores the
long-term supply issues the oil industry faces. Aggressive capital spending
cuts will most likely exacerbate the problem. So far, we have seen the US E&P
(Exploration and Production) companies reduce their capital budgets for 2009 by
up to a third compared with 2008 levels. The big news for the mining sector
came towards the end of the month, when BHP Billiton walked away from its
proposed takeover of Rio Tinto, citing the deterioration in near-term global
economic conditions and the lack of certainty as their reasons. Gold continued
to be one of the better performing commodities, gaining 11.5% (in US Dollar
terms) over the month and sparking some strong performance in gold equities.

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).

18 December 2008