Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 December 2010 and unaudited.

                        One    Three       Six      One     Three     Five   
                      Month   Months    Months     Year     Years    Years  
                                                                               
Net asset value       11.8%    20.0%     39.8%    28.2%     10.9%    97.6%    
Share price           14.0%    24.2%     42.4%    33.8%     22.1%    97.6%   

Sources: Datastream, BlackRock
*13 December 2005

At month end                                                                   
Net asset value - capital only:                    154.37p                     
Net asset value - cum income:                      154.37p                     
Share price:                                       161.50p                     
Premium to NAV (capital only):                        4.6%                     
Net Yield:                                            3.8%                     
Gearing - cum income:                                  nil                     
Total assets^:                                    £139.71m                   
Ordinary shares in issue:                       90,508,000                     

^includes current year revenue.

                          % of Total                                 % of Total
Sector Analysis               Assets       Country Analysis              Assets
                                                                               
Integrated Oil                  26.1       Global                          20.4
Diversified                     16.6       Canada                          20.3
Exploration & Production        15.5       USA                             16.4
Copper                           9.9       Europe                          11.5
Coal                             4.9       Asia                            11.2
Oil Services                     4.3       Latin America                    8.3
Fertiliser                       4.0       South Africa                     5.8
Iron Ore                         3.9       Australia                        3.6
Aluminium                        3.7       China                            1.4
Gold                             2.1       Africa                           1.3
Nickel                           2.1       Russia                           0.7
Platinum                         1.9       Current liabilities             (0.9)
Tin                              1.8                                      -----
Zinc                             1.8                                      100.0
Distribution                     1.5                                      =====
Oil Sands                        0.8                                           
Current liabilities             (0.9)                                           
                               -----                                           
                               100.0                                           
                               =====                                           

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
Anadarko Petroleum                        USA                                  
BHP Billiton                              Global                               
ExxonMobil                                Global                               
Freeport McMoRan                          Asia                                 
Kumba Iron Ore                            South Africa                         
Occidental Petroleum                      USA                                  
Rio Tinto                                 Global                               
Southern Copper                           Latin America                        
Total                                     Global                               
Vale                                      Latin America                        

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

Commodity equity markets spent much of December focused on China. During the
month the world's second largest economy raised its reserve ratio by a hundred
basis points and increased base interest rates by a quarter of a per cent in an
effort to cool inflation which reached 5.1% in November. Meanwhile, data was
released showing that Chinese copper and iron ore imports rose higher in
November. The policy measures did not unsettle the mining sector or stop it
from finishing the year with considerable momentum. Copper reached new highs in
December and finished the month at US$9,650/tonne. Robust demand from China and
the US, coupled with falling inventory levels, has kept the copper market tight
throughout 2010. The launch of a copper ETF vehicle in December and faulty port
infrastructure in Chile also offered some short term impetus. Coal markets
underwent significant disruption in December as torrential rains and flooding
in Queensland prompted many producers in the region to declare `force majeure'
on January shipments. Queensland is a significant producer of coking coal. The
oil price has continued to rise and broke out of the top end of the range it
has traded within for the majority of 2010 as demand improves. WTI prices
closed the year at US$91/Bbl. Mining shares closed the month up 11.5%, while
the energy shares gained 8.6%.

21 January 2011

ENDS

Latest information is available by typing www.blackrock.co.uk/its on the
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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.