Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 30 June 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      -9.8%  -17.1%   -7.7%    22.3%    -3.8%    42.0%           
Share price          -7.3%  -17.1%   -6.0%    22.6%     6.0%    43.0%           

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
Net asset value - capital only:                    113.13p                     
Net asset value - cum income**:                    114.00p                     
Share price:                                       117.00p                     
Premium to NAV (capital only):                        3.4%                     
Net yield:                                            4.7%                     
Gearing - cum income:                                 0.3%                     
Revenue per share:                                   0.87p                     
Total assets^:                                     £86.48m                   
Ordinary shares in issue:                       75,600,000                     

**Includes net revenue of 0.87p.
^includes current year revenue.

                          % of Total                                 % of Total
Sector Analysis               Assets       Country Analysis              Assets
                                                                               
Integrated Oil                  27.8       Global                          19.7
Diversified                     16.3       USA                             18.6
Exploration & Production        14.1       Canada                          16.7
Copper                           9.3       Europe                          13.6
Coal                             5.2       Asia                            12.2
Oil Services                     5.1       Latin America                    9.0
Gold                             4.0       South Africa                     6.1
Fertiliser                       3.8       Australia                        3.0
Iron Ore                         3.6       China                            1.7
Aluminium                        3.1       Africa                           1.2
Platinum                         2.6       Russia                           1.0
Nickel                           2.5       Current liabilities            (2.8)
Zinc                             2.2                                      -----
Tin                              1.7                                      100.0
Distribution                     1.5                                      =====
Current liabilities            (2.8)                                           
                               -----                                           
                               100.0                                           
                               =====                                           

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
BHP Billiton                              Global                               
Freeport McMoRan                          Asia                                 
Exxon Mobil                               Global                               
Kumba Iron Ore                            South Africa                         
Niko Resources                            Asia                                 
Occidental Petroleum                      USA                                  
Peyto Energy Trust                        Canada                               
Rio Tinto                                 Global                               
Statoil                                   Europe                               
Vale                                      Latin America                        

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

Equity markets continued to fall in June. Energy and mining shares closed the
month down 9.6% and 7.2% respectively. Concerns about a slowing Chinese economy
and weaker than expected US consumer confidence data in the US prompted the
sell-off. However, not all of the macroeconomic newsflow during the month was
negative. China took the first tentative step to revalue its currency when it
announced its intention to reform the renminbi exchange rate regime. An
appreciation in value of the renminbi is potentially positive for commodity
markets as it makes US dollar denominated commodities relatively less expensive
for Chinese customers.

The news on potential changes to Australian tax legislation has positive
implications for the mining sector. In early May, the Australian government
proposed a Resource Super Profits Tax that would be levied on all mining
companies. This tax, which was due to come into effect in 2012, was a 40% tax
on earnings before tax to be levied in addition to existing royalties and
taxes, raising the effective tax rate of the industry from 43% to 57%. Not
surprisingly, this proposal damaged mining equity valuations. However, the
Prime Minister resigned on 24 June 2010 and was replaced by Julia Gillard. This
was seen as positive for the miners as Ms Gillard has always been an advocate
of consultation with the industry. In early July, it was announced that the new
tax had been radically altered in favour of the mining industry. The renamed
Mineral Resources Rent Tax ("MRRT") is much less onerous on the producers and
now only applies to iron ore and coal extraction. The MRRT is not set in stone
- the government will now undertake further industry consultation. The
government plans to draw up draft legislation by mid 2011 with the changes
introduced in July 2012.

The crude oil price rose to US$75.6/Bbl as demand from OECD countries continued
to improve. Natural gas prices also strengthened due to higher than normal
temperatures. The IEA revised its 2010 global demand estimates up 2.0% in June.
This positive forecast is as a result of strong preliminary data, in particular
from the US, where demand is improving. Oil demand continues to grow in
non-OECD countries. Indian oil domestic product demand rose by 6.3% in May,
driven by increased demand for auto-fuels. In the Gulf of Mexico, the volume of
oil leaking from BP's Macondo well reduced over the month as BP experienced
improved success with their containment operations. The first relief well is
still on target for completion by mid-August.

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).

29 July 2010