Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 January 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        5.6%     3.9%    -6.9%    -8.4%     86.0%    56.5%
Share price            8.5%     9.8%    -7.6%    -8.7%     79.4%    69.1%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:     133.16p
Net asset value - cum income**:     133.96p
Share price:                        135.00p
Premium to NAV (cum income):           0.8%
Net yield:                             4.3%
Gearing - cum income:                  0.0%
Total assets^^:                    £121.91m
Ordinary shares in issue:        91,008,000

500,000 shares were issued for proceeds of £682,500 on 31 January 2012. A
further 500,000 shares were issued on 1 February 2012 for proceeds of £683,750, 
increasing the issued share capital to 91,508,000 ordinary shares.
**Includes net revenue of 0.80p.
^^includes current year revenue.

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

Integrated Oil              29.2     Global                       25.5
Diversified                 20.9     Canada                       22.5
Exploration & Production    11.6     USA                          20.5
Copper                       6.4     Europe                        8.6
Oil Services                 4.8     Latin America                 8.2
Oil Sands                    4.5     Asia                          6.5
Gold                         4.3     South Africa                  4.4
Iron Ore                     4.2     Australia                     1.7
Coal                         3.4     China                         1.6
Fertilizer                   2.8     Africa                        1.2
Aluminium                    2.5     Current assets               (0.7)
Distribution                 2.0                                 -----
Tin                          1.5                                 100.0
Zinc                         1.0                                 =====
Platinum                     0.9
Nickel                       0.7
Current assets              (0.7)
                           -----
                           100.0
                           =====

Ten Largest Equity Investments (in alphabetical order)
Company                      Region of Risk

BHP Billiton                    Global
Chevron                         Global
Exxon Mobil                     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:

Equity markets began the year by posting strong gains.  Economic data from the
US continued to surprise on the upside and a PMI reading from China eased fears
of a slowdown in the world's second largest economy.  The European Central
Bank's Longer Term Refinancing Operations has also assuaged some of the
concerns in the Eurozone, while the prospect of further quantitative easing in
the US looks more likely.  In this upbeat mood, the market shrugged off the
downgrades by S&P of nine Eurozone sovereign credit ratings.

Tension surrounding Iranian oil supply increased, adding upward pressure on oil
prices. Both the US and Europe have now stepped up their sanctions on the oil
exporter in efforts to dissuade the build out of nuclear armaments in the
country.  Meanwhile, the mild winter in the US continued to weigh on natural
gas prices and inventory cycling requirements have compounded the trend.  In
order to retain their integrity, gas storage facilities must have their
inventories cycled.  That means that a large amount of the gas stored in
inventory ahead of the winter season must be drawn out of storage through
winter, which threatens to increase supply at a time of comparatively weak
demand.  Brent crude finished the period higher at US$110.3/Bbl and Henry Hub
Natural gas prices slipped back to US$2.5/MMBtu.  In the US, cheap gas has
reduced demand for thermal coal, as many electricity producers have switched
fuels to take advantage of lower gas prices.  Consequently, we have a cautious
outlook on US thermal coal producers. We remain positive on pacific-basin
thermal coal due to robust demand from China, who currently produce around 70%
of its electricity using thermal coal.  The MSCI World Energy Index closed the
month up 0.8% (in Sterling terms).

In the mining sector, base metal prices rose in January reflecting robust
demand from China.  Precious metals also finished the month higher, with gold
closing above the US$1,700/oz level.  The theme of weather related disruptions
to commodity supply re-emerged in January, mainly in the La Nina impacted
southern hemisphere.  Vale declared force majeure on iron ore contracts from
operations in Brazil due to heavy rainfall through December and early January. 
Towards the end of the month, Queensland experienced heavy rainfall, which may
disrupt coal operations in the region, as it did last year.  An uncertain
outlook for the aluminium market, due to high inventories and rising cost
pressures, has driven several producers to announce production cuts.  Since
November 2011 Alcoa, Rio Tinto, Norsk Hydro and Rusal have all announced cuts
with an expected production loss of over 1.5 million tonnes.  These cuts could
potentially tighten the aluminium demand/supply balance resulting in a smaller
surplus in 2012.

22 February 2012

ENDS

Latest information is available by typing www.brciplc.co.uk 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.