Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 March 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       -6.7%     0.6%    11.5%   -17.0%     63.7%    34.7%
Share price           -2.7%     5.7%    16.8%   -14.1%     58.1%    45.2%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:     125.83p
Net asset value - cum income**:     126.20p
Share price:                        130.00p
Premium to NAV (cum income):           3.0%
Net yield:                             4.4%
Gearing - cum income:                  0.0%
Total assets^^:                    £116.17m
Ordinary shares in issue:        92,058,000

550,000 shares were issued for proceeds of £715,000 on 23 March 2012 increasing
the issued share capital to 92,058,000 ordinary shares.

**Includes net revenue of 0.36p.
^^includes current year revenue.

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

Integrated Oil              30.7     Global                       26.7
Diversified                 19.9     USA                          22.0
Exploration & Production    11.8     Canada                       20.5
Copper                       5.6     Europe                        8.8
Oil Services                 4.9     Latin America                 8.1
Iron Ore                     4.4     Asia                          5.9
Oil Sands                    4.3     South Africa                  4.4
Gold                         3.8     Australia                     1.9
Coal                         3.4     China                         1.6
Fertilizer                   3.0     Africa                        0.7
Aluminium                    2.6     Current assets               (0.6)
Distribution                 2.1                                 -----
Tin                          1.6                                 100.0
Zinc                         0.9                                 =====
Platinum                     0.9
Nickel                       0.7
Current assets              (0.6)
                           -----
                           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:

Weaker sentiment entered markets in March following a strong start to 2012. 
Early in the month Premier Wen downgraded China's GDP growth target for 2012
from 8.0% to 7.5%.  Risk appetite weakened and commodity markets were weaker. 
Later in the month the Federal Reserve, bolstered by improving economic
conditions in the US, suggested that growth was relatively well supported. 
This impacted commodity markets negatively as the market perceived that another
round of Quantitative Easing would be less likely.  In the base metals market
aluminium and nickel fell by 8.7% and 7.4% respectively (in US Dollar terms). 
On a more positive note, copper was broadly flat over the month and iron ore
rose by approximately 10%.  Import numbers into China trended higher in March,
providing relative support for these commodities.  The gold price was
challenged by a number of factors during the month causing it to trend lower. 
A move by the Indian government to double gold import duties as part of their
2012 budget set a weaker tone to the market.  This new policy resulted in a
unified strike action by jewelers across India.  This news, coupled with a weak
rupee, placed downward pressure on physical gold demand in March from India,
the world's largest consumer.  The gold price appeared to find some support
around the US$1,600/oz level.  The HSBC Global Mining Index fell by 10.2% (in
Sterling terms).

In the energy market, the constructive dynamics supporting crude prices
persisted in March.  Supply-side risk and disruption, driven by tensions in
Iran and in other areas such as South Sudan and Yemen, coupled with low OPEC
spare capacity and OECD inventories kept oil prices underpinned.  Brent closed
the month up 0.8% at US$123.6/Bbl.  The dramatic fall of US natural gas prices
in recent months has attracted much attention. It has long been our view that
the rapid expansion of unconventional gas extraction was creating a
structurally oversupplied market.  The supply glut alone has not created the
dramatic weakness in prices.  Oversupply has been met with modest demand.  The
winter in the US has been unusually mild, limiting heating demand: according to
the National Oceanic and Atmospheric Administration, temperatures in the lower
48 states were 4.8 degrees (Celsius) above average in March.  The MSCI World
Energy Index closed the month down 4.5% (in Sterling terms).

19 April 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.