Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 29 February 2012 and unaudited.
Performance at month end with net income reinvested

                        One    Three      Six      One     Three     Five
                      Month   Months   Months     Year     Years    Years

Net asset value        2.0%     5.5%     2.6%    -8.5%     95.1%    56.2%
Share price            0.0%     7.0%     2.8%   -11.1%     88.0%    63.0%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:     135.32p
Net asset value - cum income**:     136.68p
Share price:                        135.00p
Discount to NAV (cum income):          1.2%
Net yield:                             4.3%
Gearing - cum income:                  0.0%
Total assets^^:                    £125.07m
Ordinary shares in issue:        91,508,000

500,000 shares were issued for gross proceeds of £682,500 on 31 January 2012. A
further 500,000 shares were issued on 1 February 2012 for gross proceeds of 
£681,875, increasing the issued share capital to 91,508,000 ordinary shares.

**Includes net revenue of 1.36p.
^^includes current year revenue.

Sector                   % Total     Country                   % Total
Analysis              Cap Assets     Analysis               Cap Assets

Integrated Oil              30.0     Global                       26.2
Diversified                 20.6     Canada                       21.7
Exploration & Production    11.3     USA                          21.1
Copper                       5.8     Europe                        8.7
Oil Services                 4.9     Latin America                 8.1
Iron Ore                     4.5     Asia                          6.1
Oil Sands                    4.5     South Africa                  4.6
Gold                         4.0     Australia                     1.9
Coal                         3.6     China                         1.7
Fertilizer                   2.8     Africa                        0.8
Aluminium                    2.6     Current assets               (0.9)
Distribution                 2.1                                 -----
Tin                          1.5                                 100.0
Zinc                         1.0                                 =====
Platinum                     0.9
Nickel                       0.8
Current assets              (0.9)
                           -----
                           100.0
                           =====

Ten Largest Equity Investments (in alphabetical order)

Company                      Region of Risk

Anadarko Petroleum              USA
BHP Billiton                    Global
Chevron                         Global
ExxonMobil                      Global
Kumba Iron Ore                  South Africa
Occidental Petroleum            USA
Rio Tinto                       Global
Teck Resources                  Canada         
Total                           Global
Vale                            Latin America

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

The bullish tone set early in the year continued into February as Europe
confirmed that a second bailout package of €130bn for Greece had been agreed. 
The anticipation of the second round of liquidity from the Long Term
Refinancing Operation on the last day of the month also bolstered the market.

In the energy sector, concern about the potential for military action in Iran,
coupled with reduced supply from South Sudan, Syria and the Yemen, provided
support for the oil price.  Meanwhile, supply challenges from non-OPEC regions
contributed to a fall in production of approximately 0.2mb/d (as reported by
the IEA), which added tightness to a market that has already been impacted by a
reduction in supply from Libya.  Brent crude also rose strongly over the month
gaining 11.2% (in US Dollar terms) to close at US$122.6/Bbl.  Warmer weather in
the northern hemisphere kept gas prices in North America depressed during the
month, with Henry Hub slipping 2.8% to end the month at US$2.4/MMBtu.  As a
consequence of this we have begun to see capital expenditure cuts from a number
of operators in the region.  We believe that this action may be a catalyst for
a rebalancing of the natural gas market in the future.  Energy equities
finished the month up 4.2% (in Sterling terms).

In international markets, the value of gas resources was highlighted by Cove
Energy, an exploration and production company operating in Africa, receiving
bids from both Royal Dutch Shell and PTTEP (Thai National Oil Company
subsidiary).  This deal will provide the acquirer with access to one of the
largest gas discoveries in a decade, off-shore Mozambique, through Cove's 8.5%
stake in Rovuma Area 1.  Anadarko, the portfolio's key E&P stock, is the
operator of this asset with a 36.5% interest.  To date Anadarko and its
partners in this block have successfully drilled four wells, announcing
discoveries amounting to between 15 and 30 trillion cubic feet of recoverable
natural gas.  The implied valuation of Anadarko's stake in the block, based on
the bid for Cove is close to US$7bn, which in our opinion has not yet been
reflected in the share price.

February was a busy month for company reporting. With most commodities
averaging significantly higher in 2011 than in 2010, the sector was awash with
record earnings and cash flows numbers. Gratifying too was mining company
managements' greater willingness to share more of this cash generation with
investors.  For example, Xstrata announced a 60% rise in its final dividend and
Rio Tinto reported a 34% increase.  Mining equities slipped 0.6% (in Sterling
terms).

Industrial unrest continues to constrain mining commodity production.  Over
3,000 workers from BHP's coal mines in Australia embarked on a week long strike
during the month, negotiations have been ongoing for over a year.  As an aside,
adverse weather conditions have again hindered production in Australia,
particularly of coking coal, although not to the same degree as in early 2011. 
Impala Platinum's Rustenburg mine, the world's largest platinum mine, has also
been hamstrung by a 6 week long strike.  The strike is estimated to have cost
the market around 3,000 oz per day in lost production.  Worker tension, high
power costs, a strong Rand and rumblings about resource nationalisation are
some of the major challenges which confront South African platinum producers.
The attractiveness of the commodity relative to the producers has widened: the
fundamentals for platinum show signs of sustainable tightness but the producers
face ever present pressures on their profitability. Our exposure to the
producers is limited.

The major corporate news of the month was the announcement of a proposed merger
between Glencore and Xstrata. The deal has been much anticipated after
Glencore's high profile public listing in May last year as Glencore already has
a 34% stake in the UK diversified miner.  Under the terms of the proposal,
Xstrata shareholders would receive 2.8 Glencore shares for each of their
existing shares.  The deal will be subject to an Xstrata shareholder vote which
appears likely to take place in late May.

14 March 2012

ENDS

Latest information is available by typing www.brciplc.co.uk 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.