Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 May 2009 and unaudited.

Performance at month end with net income reinvested

                         One    Three      Six        One    Since    
                       Month   Months   Months       Year   Launch*  
                                                                               
Net asset value         8.9%    31.9%    35.1%     -39.6%    23.8%             
Share price             5.5%    28.9%    50.3%     -39.6%    21.7%             

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
                                                                               
Net asset value - capital only:                    103.74p                     
Net asset value - cum income**:                    105.45p                     
Share price:                                       105.50p                     
Premium to NAV (capital only):                       1.70%                     
Net yield:                                           5.12%                     
Gearing - cum income:                                3.77%                     
Revenue per share:                                   1.71p^                    
Total assets:                                      £81.18m^^                   
Ordinary shares in issue:                       74,075,662                     

**Includes net revenue of 1.71p.
^Revenue per share is stated after deduction of the first quarterly dividend of
1.35p which was paid on 24 April 2009 and the second quarterly
dividend of 1.35p which is due to be paid on 24 July 2009.
^includes current year revenue.

                                    % of Total                           % of Total
Sector Analysis                         Assets     Country Analysis          Assets
                                                                               
Integrated Oil                            24.4     Europe                      29.3
Diversified                               19.2     USA                         23.8
Exploration & Production                  15.9     Canada                      15.9
Gold                                       6.7     Asia                        10.5
Copper                                     6.3     Latin America                9.9
Oil Services                               5.0     South Africa                 3.5
Fertilizers                                5.0     China                        1.6
Coal                                       3.2     India                        1.6
Aluminium                                  2.8     Australia                    1.0
Platinum                                   2.6     Russia                       0.7
Nickel                                     2.2     Africa                       0.5
Tin                                        1.5     Current assets               1.7
Zinc                                       1.4                                -----
Distribution                               1.2                                100.0
Iron Ore                                   0.9                                =====
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                               
Eni                                       Europe                               
Exxon Mobil                               Global                               
Freeport McMoran Copper & Gold            Asia                                 
Niko Resources                            Asia                                 
StatoilHydro                              Europe                               
Total                                     Global                               
Vale                                      Latin America                        

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

Commodity markets performed very well in May. Oil prices were up around 30% to
end the month at US$66/Bbl (WTI) while natural gas gained 21% to end the month
at US$3.92/bcf (Henry Hub). At its meeting in Vienna during the month, OPEC
decided to maintain current production targets of 4.2 million barrels of oil
per day with a focus on member compliance. With the oil price having moved up
from around the US$30/Bbl level only three months ago, OPEC's cuts seem to be
working despite the continued weakness in demand. OPEC remains concerned,
however, that cutting production too much could result in oil prices rising to
the point where they prolong the global recession. The seasonality of the
energy market has also been an important factor in the past month as we begin
to move towards the summer driving season in the US, usually a period of
stronger demand. Inventories in the US remain at high levels but have shown
some signs of stabilising in recent weeks.

In the metals market, copper, nickel and zinc prices made solid gains during
the month. Aluminium, however, remains the laggard, as LME inventories continue
to build strongly. Aluminium now makes up around three-quarters of total LME
inventories. While inventories for other metals have also risen, due to the
severe fall in demand, the fact that they appear to have stabilised at or below
the absolute levels seen at the bottom of the last cycle is positive for prices
going forward. It is even more encouraging when looked at on a "days of
consumption" basis - copper inventories, for example, are currently at around
five days of global consumption compared to over three weeks during the
previous bear market. Elsewhere, coking and thermal coal contract prices,
despite being down on 2008, have been settled above market expectations.

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 June 2009