Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 March 2009 and unaudited.

Performance at month end with net income reinvested

                          One     Three       Six       One     Since    
                        Month    Months    Months      Year    Launch*  
                                                                               
Net asset value         11.3%      3.5%    -16.3%    -40.3%      4.5%              
Share price             15.8%     15.8%    -11.0%    -35.2%      9.3%              

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
                                                                               
Net asset value - capital only:                     88.46p                     
Net asset value - cum income**:                     88.96p                     
Share price:                                        94.75p                     
Premium to NAV (capital only):                       7.11%                     
Net yield:                                           5.70%                     
Gearing - cum income:                                7.60%                     
Revenue per share:                                   0.50p^                    
Total assets:                                      £69.93m^^                   
Ordinary shares in issue:                       73,060,662                     

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

                                    % of Total                          % of Total
Sector Analysis                         Assets    Country Analysis          Assets
                                                                               
Integrated Oil                            23.5    Europe                      31.5
Diversified                               18.7    USA                         24.7
Exploration & Production                  14.8    Canada                      13.4
Gold                                       9.3    Latin America                9.6
Copper                                     8.6    Asia                         9.3
Oil Services                               4.6    South Africa                 3.2
Fertilizer                                 4.4    Russia                       2.7
Platinum                                   3.2    China                        1.4
Aluminium                                  2.8    India                        1.1
Coal                                       2.4    Australia                    1.0
Nickel                                     1.7    Africa                       0.4
Tin                                        1.4    Current assets               1.7
Distribution                               1.2                               -----
Iron Ore                                   0.9                               100.0
Zinc                                       0.8                               =====
Current assets                             1.7                                 
                                         -----                                 
                                         100.0                                 
                                         =====                                 

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

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

March was a strong month for commodity markets. Mining shares and energy shares
gained 16.7% and 4.1% respectively. In the energy market, OPEC decided not to
cut production quotas at its March meeting, instead emphasising higher
compliance with previous cuts as a way of reducing supply and tightening the
market. These earlier production cuts, combined with an improvement in economic
sentiment, pushed the oil price up 11.0% to US$49.70/barrel. Meanwhile, weak
industrial demand and concerns about extra liquefied natural gas deliveries
"flooding" the US gas market later in the year saw the US Natural Gas price
(Henry Hub) continue its decline, falling 10.7% to US$3.60/Mcf. In the mining
sector, the settlement of thermal and coking coal contract prices above
consensus expectations, some tentative signs that the Chinese economy may have
picked up from its 2008 year end lows and stronger base metal prices drove the
rally in mining shares. Of particular note was the 19.0% rise in the copper
price as a result of strategic buying by the Chinese State Reserve Bureau and
an apparent improvement in end user demand. Copper closed the month at US$1.83/
lb, more than 50% above its December low of US$1.21/lb.

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 April 2009