Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 December 2011 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          -2.1%    10.8%   -13.8%   -14.3%   68.5%    49.2%
Share price              -1.4%    10.5%   -16.7%   -19.7%   73.2%    50.2%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:     126.53p
Net asset value - cum income**:     126.83p
Share price:                        124.38p
Discount to NAV - cum income:          1.9%
Net yield:                             4.6%
Gearing - cum income:                   nil
Revenue per share:                    0.30p
Total assets^^:                    £114.79m
Ordinary shares in issue:        90,508,000

**Includes net revenue of 0.30p.
^^includes current year revenue.

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

Integrated Oil              31.5     Global                       25.2
Diversified                 17.5     Canada                       22.8
Exploration & Production    12.8     USA                          20.8
Copper                       5.5     Europe                        9.2
Oil Services                 4.7     Latin America                 7.8
Gold                         4.3     Asia                          4.9
Oil Sands                    4.2     South Africa                  4.2
Iron Ore                     4.0     China                         1.7
Coal                         3.1     Australia                     1.6
Aluminium                    2.3     Africa                        0.9
Fertilizer                   2.2     Current assets                0.9
Distribution                 2.0                                 -----
Nickel                       1.9                                 100.0
Tin                          1.4                                 =====
Zinc                         0.9                                 
Platinum                     0.8
Current assets               0.9
                           -----
                           100.0
                           =====

Ten Largest Equity Investments (in alphabetical order)

Company                      Region of Risk

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

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

The risk-off trade that has been evident for much of the second half of 2011
continued into December.  Following threats of downgrades by rating agencies to
some European debt and surprisingly strong US economic data, investors sought
refuge in the US dollar, which in turn negatively impacted commodity markets. 
In the energy sector, Brent fell 4.0% to US$107/Bbl.  West Texas Intermediate
(WTI) performed better - down 1.5% to US$99/Bbl - further narrowing the
discount with Brent. (At its peak, the spread between Brent and WTI was US$27/
Bbl.)  Energy equities, as measured by the MSCI World Energy Index, made a gain
of 0.5% in Sterling terms.  The Index return was helped by the more defensive
larger cap integrated sector which outperformed their more risky E&P and Oil
Services counterparts. 

In the mining sector, the base metal complex tracked lower amidst the bearish
sentiment and stronger US Dollar environment.  Tin fell 8.3%, copper 3.4% and
aluminum 5.2%.  Iron ore continued to consolidate after its weakness in October
- spot prices finished the year at US$139/t (China spot 62% Fe), having
averaged 22% higher in 2011 versus 2010.  Gold prices fell 9.8% in response to
the strength in the US Dollar.  Mining equities closed the month down 6.7% (in
Sterling terms).

20 January 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.