Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 September 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        4.3%     6.0%     -2.8%     8.4%    17.3%     0.0%
Share price            4.8%     3.9%     -5.1%    10.8%    17.8%     3.3%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:     119.22p
Net asset value - cum income**:     119.69p
Share price:                        120.38p
Premium to NAV (cum income):           0.6%
Net yield:                             4.9%
Gearing - cum income:                  1.5%
Total assets^^:                     £113.6m
Ordinary shares in issue:        93,508,000

**Includes net revenue of 0.47p.
^^includes current year revenue.

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

Integrated Oil              29.0     Global                       29.6
Diversified                 18.8     Canada                       23.8
Exploration & Production    18.4     USA                          19.6
Gold                         7.8     Asia                          8.6
Copper                       6.0     Europe                        7.5
Oil Sands                    4.5     Latin America                 7.2
Oil Services                 3.6     South Africa                  2.7
Coal                         3.0     Africa                        1.7
Iron Ore                     2.7     China                         1.5
Aluminium                    2.1     Australia                     1.4
Distribution                 2.0     Current liabilities          (3.6)
Fertilizer                   2.0                                 -----
Tin                          1.3                                 100.0
Nickel                       1.0                                 =====
Platinum                     0.7
Zinc                         0.7
Current liabilities         (3.6)
                           -----
                           100.0
                           =====

Ten Largest Equity Investments (in alphabetical order)

Company                      Region of Risk

Anadarko Petroleum              USA
BHP Billiton                    Global
Chevron                         Global
ENI                             Europe
ExxonMobil                      Global
Occidental Petroleum            USA
Peyto Exploration & Development Canada
Rio Tinto                       Global
Teck Resources                  Canada
Total                           Global
 
Commenting on the markets, Richard Davis, representing the Investment Manager
noted:

The US Federal Reserve announced its third round of quantitative easing (QE3)
in September, which injected a more upbeat tone into equity and commodity
markets.  It should be noted, however, that economic data released during the
month, notably from China, continues to be weak. 

In the mining sector copper prices rose 8.0%.  The red metal remains our
favourite base metal as supply side challenges have kept the market tight in
the face of weaker demand.  A report released by the International Copper Study
Group indicated that the copper market was in supply deficit for the first six
months of the year.  While this may in part be driven by a build in
inventories, it has been a key factor in keeping the copper price at current
levels.  QE3 was also a strong catalyst for gold and other precious metals as
investors sought assets with inflation protection qualities.  In September,
gold and platinum gained 6.0% and 10.0% respectively.  The HCBC Global Mining
Index closed the month up 6.5% (Sterling terms, capital only).

In the energy sector, Brent oil prices fell by 2.8% to finish the period at
US$111.3/barrel.  The spread between Brent and WTI widened again and stood at
nearly US$19 by the month-end.  US natural gas prices meanwhile posted a strong
13.2% return.  Henry Hub natural gas traded at US$3.08/mmbtu at the end of 
September as supply cuts have helped to redress the imbalance in the market.  
The cut-back in drilling for natural gas has been unsurprising. Gas prices in 
the US reached levels at which extraction and drilling for many operators was 
becoming uneconomic. At US$2.5/mmbtu only 30% of the 9.1 billion cubic feet per 
day of new gas supply being drilled in 2012 will generate a 10% rate of return on 
capital invested, according to industry consultants Wood Mackenzie.  Longer term, 
it seems more sensible that prices, assuming a robust demand profile, will trend 
towards the marginal cost of production which is expected to remain in the region 
of US$4-5/mmbtu over the next decade.

Japan has been a significant source of incremental oil demand over the last
eighteen months. After the Fukushima disaster in March 2011, Japan's entire
nuclear industry was effectively shut-in and even now only 2 out of its 54
reactors are in operation. Oil and natural gas fired power capacity has had to
make up much of the power generation shortfall. The International Energy Agency
is forecasting that Japan's oil demand will have grown by 4.1% in 2012 over
2011 as a result. Japan approved a new energy bill during the month which
formalised the country's intention to phase out nuclear power from the energy
mix. Before Fukushima, nuclear power was responsible for 30% of the country's
energy supply and the government now intends that renewable energy will
eventually assume that same share. In the meantime, however, Japan will have to
remain a top importer of oil and natural gas.  The MSCI World Energy Index
gained 0.3% (Sterling terms, capital only).

All data sourced from Datastream and quoted in US Dollars unless otherwise
stated.

11 October 2012

ENDS

Latest information is available by typing www.blackrock.co.uk/brci 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.