Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 January 2010 and unaudited.

                        One    Three       Six      One     Three      Five     
                      Month   Months    Months     Year     Years     Years    
                                                                               
Net asset value       -1.2%   13.3%     28.8%     34.5%     20.1%     82.8%    
Share price           -4.5%   11.6%     28.0%     33.0%     26.3%     81.3%    

Sources: DataStream, BlackRock
*13 December 2005

At month end                                                                   
Net asset value - capital only:                    152.17p                     
Net asset value - cum income**:                    152.49p                     
Share price:                                       154.25p                     
Premium to NAV (capital only):                        1.4%                     
Net Yield:                                            3.6%                     
Gearing - cum income:                                  Nil                     
Total assets^:                                    £138.02m                   
Ordinary shares in issue:                       90,508,000                     

**includes net revenue of 0.32p.
^includes current year revenue.

                          % of Total                                 % of Total
Sector Analysis               Assets       Country Analysis              Assets
                                                                               
Integrated Oil                  28.5       Global                          20.6
Diversified                     15.5       USA                             20.3
Exploration & Production        14.9       Canada                          16.8
Copper                           9.2       Europe                          13.0
Coal                             4.9       Asia                            10.5
Oil Services                     4.6       Latin America                    7.6
Iron Ore                         3.7       South Africa                     5.3
Aluminium                        3.7       Australia                        3.5
Fertiliser                       3.2       Africa                           1.4
Gold                             3.0       China                            1.3
Nickel                           2.0       Russia                           0.7
Zinc                             2.0       Current liabilities             (1.0)
Tin                              1.9                                      -----
Platinum                         1.6                                      100.0
Distribution                     1.4                                      =====
Oil Sands                        0.9                                           
Current liabilities             (1.0)                                           
                               -----                                           
                               100.0                                           
                               =====                                           

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
Anadarko Petroleum                        USA                                  
BHP Billiton                              Global                               
ExxonMobil                                Global                               
Freeport McMoRan                          Asia                                 
Kumba Iron Ore                            South Africa                         
Occidental Petroleum                      USA                                  
Rio Tinto                                 Global                               
Schlumberger                              USA                                  
Statoil                                   Europe                               
Total                                     Global                               

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

Crude oil (WTI) prices finished the month at US$92.2/Bbl. It should be noted,
however, that Brent crude traded higher at US$101.0/Bbl. The spread between WTI
and Brent crudes has widened considerably over recent weeks. Elevated stock
levels and weak demand at Cushing, Oklahoma (the WTI delivery point), coupled
with high storage costs at the facility are weighing on the WTI spot price.
Brent crude is currently offering a better reflection of the overall strength
of oil price fundamentals, in our opinion. The strength of those fundamentals
became more apparent in January with both OPEC and the International Energy
Agency (IEA) revising up their 2011 global oil demand forecasts. The
consequence of increasing demand has been the gradual erosion of the spare
capacity in the system. Inventory levels are decreasing from their elevated
levels and OPEC spare capacity is moving in the same direction - the cartel's
spare capacity was estimated to have dropped below 5mb/d for the first time in
two years. Civil unrest in Egypt and concerns about the operational status of
the Suez Canal caused short term volatility and upward pressure on crude
prices. The risk of contagion to neighbouring oil producing countries lay at
the heart of the moves rather than concerns over the loss of Egyptian supply
(which according to the latest IEA data, accounts for only 0.74m/bd out of a
global market total of 88.1mb/d) or even the potential closure of the Suez
Canal (which is estimated to carry 2mb/d of oil - again modest compared to
global supply). Earlier in the month, the market had to negotiate another supply
side jitter with the forced closure of the 800 mile Trans Alaska Pipeline.
Energy equities gained 3.9% in January.

In the mining sector, base metals came off their highs of late 2010 as a rise
in inventories caused concern for investors and profit taking was broadly seen
across metal commodities. Despite these concerns, metals producers are
continuing to post healthy profit margins as the marginal cost of production
has remained well below the commodity price. January has continued to see price
upgrades from analysts; their outlook over the medium term appears to be
positive across most commodities with particular strength in base metals and
bulk commodities. Weather conditions in Australia continued to impact the
ability of mining companies to deliver bulk commodities for export. Flooding
caused by heavy rainfall in Queensland was the key issue in the first half of
January, with a number of mining companies declaring force majeure on their
coal contracts. In the latter part of the month, cyclone Yasi put the industry
back on alert as one of the strongest cyclones in five years approached the
north eastern coastline. These ongoing issues are likely to put further
pressure on the coking coal market where prices rose around 40% in January.
Mining shares fell 7.4% during the month.

18 February 2011

END

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website) is incorporated into, or forms part of, this announcement.