Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 30 September 2011 and unaudited.

Performance at month end with income reinvested:

                         One    Three       Six      One     Three      Five     
                       Month   Months    Months     Year     Years     Years    
                                                                               
Net asset value       -14.1%   -22.2%    -25.5%    -7.2%     22.9%     50.5%    
Share price           -14.3%   -24.7%    -26.5%    -9.7%     20.5%     47.9%    

Sources: Datastream, BlackRock

At month end                                                                   
Net asset value - capital only:                    115.05p                     
Net asset value - cum income**:                    115.88p                     
Share price:                                       114.00p                     
Discount to NAV (capital only):                       0.9%                     
Net Yield:                                            5.4%                     
Gearing - cum income:                                 0.3%                     
Total assets^:                                    £105.18m                   
Ordinary shares in issue:                       90,508,000                     

**includes net revenue of 0.83p.
^includes current year revenue.

                          % of Total                                 % of Total
Sector Analysis               Assets       Country Analysis              Assets
                                                                               
Integrated Oil                  29.0       Global                          24.2
Diversified                     16.1       USA                             19.7
Exploration & Production        13.4       Canada                          19.2
Coal                             7.7       Europe                          10.2
Copper                           7.4       Latin America                    7.6
Gold                             4.9       Asia                             6.9
Oil Services                     4.8       Australia                        5.5
Iron Ore                         3.6       South Africa                     4.6
Aluminium                        3.0       Africa                           2.3
Fertiliser                       2.3       China                            1.8
Distribution                     2.0       Russia                           0.2
Oil Sands                        1.7       Current liabilities            (2.2)
Zinc                             1.6                                      -----
Tin                              1.6                                      100.0
Nickel                           1.5                                      =====
Platinum                         1.0                                           
Refining & Marketing             0.6                                           
Current liabilities            (2.2)                                           
                               -----                                           
                               100.0                                           
                               =====                                           

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
Anadarko Petroleum                        USA                                  
BHP Billiton                              Global                               
Chevron                                   Global                               
Coal & Allied Industries                  Australia                            
ExxonMobil                                Global                               
Freeport McMoRan                          Asia                                 
Kumba Iron Ore                            South Africa                         
Peyto Exploration & Development           Canada                               
Rio Tinto                                 Global                               
Total                                     Global                               

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

September was another torrid month for global markets. Investors remained
concerned about the Eurozone sovereign debt crisis and the conspicuous absence
of a credible policy response. Meanwhile, the Federal Reserve's `Operation
Twist' did little to placate their nervousness. In commodity markets, the IMF's
downgrade to world growth forecasts led prices lower, with exchange traded
commodities suffering as speculative long positions were closed out. The
industrial metals exhibited weakness with the copper price falling 24.4% (US$
terms) over the month to US$3.17/lb, its lowest level in 2011. Declines were
also evident across the precious metals spectrum with the silver price falling
26.4% (US$ terms), back to levels last seen in February. The gold price was
relatively strong by comparison remaining above US$1,600/oz level.

In sharp contrast to the exchange traded base metals, bulk commodities showed
relative resilience as the tight fundamentals in the market supported the
prices of thermal coal and coking coal. The iron ore price experienced a
moderate pull back to US$159/t. As yet there has been no evidence of any
weakening of demand in the iron ore market; despite macro concerns in the
Chinese market, steel producers do not appear to have been impacted by any
significant liquidity issues.

Despite the turbulence in financial markets, mining companies continue to
remain in a strong position in terms of their balance sheets and M&A activity
remains brisk. For example, China Minmetals returned to the African copper belt
hunting for assets in September, following their unsuccessful attempt to
acquire Equinox earlier this year. They announced a bid for Anvil Mining, a
Democratic Republic of Congo based copper producer and explorer, at a 30%
premium to the 20-day volume weighted average price. This bid is indicative of
the scarcity of high quality copper assets globally and the willingness of
companies to take on political risk for exposure to copper assets. Mining
shares fell 17.3% in September.

Demand data points for oil have disappointed and downside risks have increased,
but it is important to pay due attention to both sides of the fundamental
equation. Brent crude still stands above US$100/barrel which is a lucrative
price for producers and marks a significant increase from the $60-$80 range in
which it traded throughout much of last year. The outlook for oil supply growth
from non-OPEC remains muted as new sources struggle to offset declines from
existing production and moreover, OPEC, the oil cartel, controls 43% of the
world's production and has vested interests in keeping oil prices supported.
The cartel has shown itself able and willing in the past to curb production
should crude prices drop to levels which jeopardise their own national fiscal
budgets.

On the demand side it is also important to highlight a constructive trend:
Japan, post the Fukushima incident, only has 16 of 54 nuclear power stations in
operation and is consuming an additional 0.23 million barrels of oil each day
as their oil-fired power stations increase fuel consumption in an attempt to
fill the nuclear shortfall. Energy shares closed the month down 8.5%.

19 October 2011

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.