Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 30 June 2011 and unaudited.

                       One    Three       Six       One    Three       Five     
                     Month   Months    Months      Year    Years      Years    
Net asset value       0.3%    -4.2%     -0.6%     39.0%     0.3%      83.3%    
Share price           2.6%    -2.4%     -3.5%     37.4%     7.1%      81.2%    

Sources: DataStream, BlackRock

At month end                                                                   
Net asset value - capital only:                    150.11p                     
Net asset value - cum income**:                    150.68p                     
Share price:                                       153.00p                     
Premium to NAV (capital only):                        1.9%                     
Net Yield:                                            4.0%                     
Gearing - cum income:                                 2.7%                     
Total assets^:                                      £140.17m                   
Ordinary shares in issue:                       90,508,000                     

**includes net revenue of 0.57p.
^includes current year revenue.

                          % of Total                                 % of Total
Sector Analysis               Assets       Country Analysis              Assets
                                                                               
Integrated Oil                  26.9       Global                          21.7
Diversified                     15.4       USA                             20.3
Exploration & Production        14.8       Canada                          18.7
Copper                           8.5       Europe                          10.4
Coal                             6.3       Asia                             9.7
Oil Services                     5.5       Latin America                    7.4
Aluminium                        3.4       South Africa                     4.7
Gold                             3.4       Australia                        4.3
Iron Ore                         3.2       Africa                           1.6
Fertiliser                       3.0       China                            1.5
Nickel                           2.0       Russia                           0.2
Zinc                             1.9       Current liabilities            (0.5)
Oil Sands                        1.8                                      -----
Distribution                     1.6                                      100.0
Platinum                         1.5                                      =====
Tin                              1.3                                           
Current liabilities             (0.5)                                           
                               -----                                           
                               100.0                                           
                               =====                                           

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
Anadarko Petroleum                        USA                                  
BHP Billiton                              Global                               
Coal & Allied Industries                  Australia                            
ExxonMobil                                Global                               
Freeport McMoRan                          Asia                                 
Kumba Iron Ore                            South Africa                         
Peyto Exploration & Development           Canada                               
Rio Tinto                                 Global                               
Teck Resources                            Canada                               
Total                                     Global                               

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

In June, the International Energy Agency announced that (for only the third
time in history) there would be a release from the strategic petroleum
reserves. The announcement came in response to the sustained high oil prices
seen in 2011 on the back of increasingly tight fundamentals and the outage of
Libyan supply. The release of 60 million barrels of oil over the coming month
will help redress the market imbalance during the summer, a seasonally strong
period for oil. Crude (WTI) prices fell 7.1% in US$ terms to US$95.4/Bbl. Brent
closed the month at US$111.8/Bbl.

Mining commodity prices were a mixed bag in June. Copper made gains to finish
the month at $9,414/tonne. It was a performance driven in part by evidence of
inventory draw downs and low stock levels for the metal. Inventory at the
Shanghai Futures Exchange reached its lowest level since 2009 during the month.
Elsewhere, in the base metals complex, imports of low grade nickel ore into
China have risen sharply. Iron ore prices have shown resilience in 2011 on the
back of constrained exports from key areas such as Australia and Brazil, and
comparatively robust demand. Vale, the Brazilian producer, announced a share
buy back programme that could return as much as US$3bn to shareholders. The
decision sent a positive signal to the market and is yet another example in the
recent trend of commodity companies placing increased emphasis on shareholder
returns.

Commodity equities were challenged by the "risk off" trade in the broader
market and were down 6-7% at one point. Markets bounced, however, in the latter
stages of the month, amidst some more positive macro economic data out of the
US. In other positive news, Chinese premier Wen Jiabao asserted that efforts to
control inflation in the world's largest economy were having the desired
effect, while the Greek parliament approved a crucial austerity package. In
Sterling terms, mining shares managed to register a 0.1% return, while the
energy shares closed down just 0.2%.

22 July 2011

ENDS

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). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.