Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 30 April 2011 and unaudited.

                        One     Three        Six       One    Three      Five     
                      Month    Months     Months      Year    Years     Years    
                                                                               
Net asset value       -2.8%      2.1%      15.7%     19.4%     3.8%     74.0%    
Share price           -1.7%      1.7%      13.5%     19.5%     3.4%     63.9%    

Sources: DataStream, BlackRock

At month end                                                                   
                                                                               
Net asset value - capital only:                    153.81p                     
Net asset value - cum income**:                    154.33p                     
Share price:                                       155.50p                     
Premium to NAV (capital only):                        1.1%                     
Net Yield:                                            4.0%                     
Gearing - cum income:                                 3.2%                     
Total assets^:                                      £144.08m                   
Ordinary shares in issue:                       90,508,000                     

**includes net revenue of 0.52p.
^includes current year revenue.

                          % of Total                                 % of Total
Sector Analysis               Assets       Country Analysis              Assets
                                                                               
Integrated Oil                  28.9       Global                          21.5
Diversified                     14.9       USA                             19.7
Exploration & Production        13.9       Canada                          16.9
Copper                           8.4       Europe                          11.6
Coal                             7.0       Asia                            10.0
Oil Services                     4.7       Latin America                    7.8
Aluminium                        3.5       Australia                        5.3
Iron Ore                         3.3       South Africa                     4.9
Fertiliser                       2.9       China                            1.4
Gold                             2.4       Africa                           1.4
Zinc                             2.3       Russia                           0.2
Nickel                           2.1       Current liabilities            (0.7)
Oil Sands                        1.9                                      -----
Platinum                         1.6                                      100.0
Distribution                     1.5                                      =====
Tin                              1.4                                           
Current liabilities            (0.7)                                           
                               -----                                           
                               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                         
Occidental Petroleum                      USA                                  
Rio Tinto                                 Global                               
Statoil                                   Europe                               
Total                                     Global                               

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

In energy markets, oil prices remained above US$120/Bbl (Brent) throughout the
month as the unrest in Libya continued to disrupt oil supply from the region.
As a result, OPEC spare capacity has fallen to approximately 4.5%. Energy
equities provided a mixed picture in terms of performance: Integrated oil and
gas companies significantly outperformed both the E&P and the oil services
sub-sectors. Some integrated companies posted strong first quarter results
which appear to have driven a rotation by investors out of oil services and
exploration and production stocks into the integrated companies during the
month. The MSCI World Energy Index closed the month down 1.6% (sterling terms,
capital only).

In the mining sector, copper was the most obvious exception in what was
otherwise a robust month for commodity prices. The red metal finished the month
down, albeit at the impressive level of US$9,296/tonne (US$4.22/lb). The
inclement and disruptive weather seen across key producing regions in 2010 is
still having an impact on seaborne markets for certain commodities. The bulks -
iron ore and coal - enjoyed another month of gains. BHP Billiton noted in its
first quarter production results that most of its coking coal brands are still
under force majeure after the torrential flooding in Queensland and that iron
ore production is not yet back to normal operational capacity after the heavy
rainfall and cyclones in the Pilbara region in Western Australia. Chinese
import data released during the month revealed that the world's second largest
economy's hunger for commodities remains robust: copper imports, for example,
increased by 30% month on month in March. Mining equities slipped 0.8%
(sterling terms, capital only) in April.

17 May 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.