Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 November 2010 and unaudited.

Performance at month end with net income reinvested

                     One    Three      Six     One   Three     Since
                   Month   Months   Months    Year   Years    Launch*
Net asset value     2.6%    17.1%    11.9%   21.2%    1.8%     76.1%
Share price         2.5%    19.4%    14.9%   25.2%   10.3%     77.2%

Sources: Datastream, BlackRock
*13 December 2005

At month end
Net asset value - capital only:   139.21p
Net asset value - cum income**:   139.40p
Share price:                      143.00p
Premium to NAV (capital only):       2.7%
Net yield:                           4.3%
Gearing - cum income:                0.0%
Revenue per share:                  0.19p
Total assets^^:                  £126.17m
Ordinary shares in issue:     90,508,000#

**Includes net revenue of 0.19p.
^^includes current year revenue.
# Includes 14,908,000 Ordinary Shares arising from the conversion of 20,000,000
  C Shares on 2 November 2010.

Sector                         % Total                 Country        % Total
Analysis                    Cap Assets                Analysis     Cap Assets
Integrated Oil                    26.3                  Global           21.4
Diversified                       16.7                     USA           19.6
Exploration & Production          15.3                  Canada           16.5
Copper                             9.5                  Europe           11.1
Coal                               5.3                    Asia           11.1
Oil Services                       4.4           Latin America            8.3
Fertilizer                         4.0            South Africa            5.6
Iron Ore                           3.8               Australia            3.3
Aluminium                          3.3                  Africa            1.5
Gold                               2.2                   China            1.5
Nickel                             2.1                  Russia            0.7
Platinum                           1.8     Current liabilities           (0.6)
Tin                                1.8                                  -----
Zinc                               1.8                                  100.0
Distribution                       1.5                                  =====
Oil Sands                          0.8
Current liabilities               (0.6)
                                 -----
                                 100.0
                                 =====

Ten Largest Equity Investments(in alphabetical order)
Company                     Region of Risk
Andarko Petroleum                      USA
BHP Billiton                        Global
Exxon Mobil                         Global
Freeport-McMoRan                      Asia
Kumba Iron Ore                South Africa
Occidental Petroleum                   USA
Rio Tinto                           Global
Schlumberger                           USA
Total                               Global
Vale Latin                         America

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

Energy markets began the month with considerable momentum. The Federal
Reserve's decision to inject a further US$600bn of stimulus into the US Economy
caused a weakening of the Dollar and flight by investors back into risk and
real assets. OPEC also upgraded its estimates for global oil consumption
through to 2014 and data released from China in the middle of the month
persuaded the market that the demand picture in the world's second largest
economy is encouraging: China reported that oil demand in October rose by 12%
according to preliminary estimates. Later, concerns about Euro-zone sovereign
debt and further monetary policy tightening in China put pressure on the
markets. The MSCI World Energy Index closed the month up 3.7%, with crude oil
prices rising to US$84/Bbl. Base metals were mixed over the period, with copper
the standout performer. The metal traded above the US$4/lb level at one point,
supported by strong demand and supply-side constraints. A commitment in China's
twelfth 5-year plan to invest in the National Grid is likely to be very copper
intensive. In bulk commodities, the supply of coal from Queensland has been
impacted by heavy rains which have closed the Goonyella rail corridor, a key
infrastructure route, impacting approximately 90 million tons per annum of mine
supply. The heavy rains have also led to declarations of force majeure by a
number of operations. Meanwhile, thermal coal prices exhibited strength during
the month with Newcastle FOB coal making good drains in the face of continued
import demand from China and supply disruptions due to heavy rains across
Australia and Indonesia. The HSBC Global Mining Index ended the month up 3.9%.

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).

16 December 2010