Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 November 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       -1.3%     3.3%      9.6%    -5.2%    13.2%     -4.8%
Share price           -1.1%     6.9%     10.7%     0.8%    18.1%      4.1%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:     116.82p
Net asset value - cum income**:     118.46p
Share price:                        122.75p
Premium to NAV (cum income):           3.6%
Net yield:                             4.8%
Gearing - cum income:                  2.8%
Total assets^^:                     £114.8m
Ordinary shares in issue:        94,258,000

**Includes net revenue of 1.64p.
^^includes current year revenue.

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

Integrated Oil              30.1     Global                       32.8
Diversified                 17.3     Canada                       20.6
Exploration & Production    16.8     USA                          18.4                   
Copper                       9.8     Latin America                 9.8    
Gold                         6.3     Asia                          6.9
Oil Services                 4.7     Europe                        6.1 
Oil Sands                    4.0     South Africa                  2.6
Iron Ore                     2.7     Australia                     1.6
Aluminium                    2.1     China                         1.6
Distribution                 1.9     Africa                        1.2
Coal                         1.6     Current liabilities          (1.6)
Fertilizer                   1.2                                 -----
Tin                          1.1                                 100.0                               
Nickel                       0.7                                 =====
Platinum                     0.7
Zinc                         0.6
Current liabilities         (1.6)
                           -----
                           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
Freeport-McMoran                Asia
Peyto Exploration & Development Canada         
Rio Tinto                       Global
Southern Copper                 Latin America
Total                           Global

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

In the mining sector, recent Chinese data have suggested that the economy may
be showing signs of improvement.  The October purchasing managers index rose
above 50, an indication that the economy is growing.  In addition to this both
industrial production and export data strengthened providing investors with a
degree of reassurance that the world's largest consumer of industrial
commodities was not going to suffer a hard landing.

This supportive macro environment provided the momentum for base metals to
trend higher, with the MG Base Metals Price Index gaining 5.1%.   With gold
declining by 0.4%, the rest of the precious metals were strong - palladium
gained 13.0% over the month.  A recent report by Johnson Matthey suggested that
weak primary mine production, low Russian stock sales and strong demand from
the auto-catalyst industry would lead to a 915,000 ounce deficit in 2012.  In
equity news, investors voted in favour of the Glencore-Xstrata merger (without
the management incentives).  The deal is likely to close in early 2013 when all
regulatory approvals are expected to be in place. 

Early in the month markets waivered around the uncertain outcome of the US
presidential election.  The successful re-election of the incumbent President
Obama was initially a catalyst for markets to move higher, but this was
subsequently overshadowed by the looming "fiscal cliff".  The HSBC Global
Mining Index closed the month down by 2.7% (in Sterling terms).

In the energy sector, Brent crude appreciated 0.9% over the course of the
month, reaching US$110.7/barrel.  The International Energy Agency edged down
their demand numbers in their November report in light of the lethargic global
economy.  On the supply side, the report showed that global production had
increased courtesy of higher output from North America and the North Sea
region.  OPEC supply was down 30kilobarrels/day in October, reaching the lowest
level in nine months (in part due to Iranian sanctions).

The discount between West Texas Intermediate crude and Brent crude stood at
US$22/barrel at the end of the month.  The stubborn discount has been a
function of underwhelming US demand, supply bottlenecks and increased domestic
crude production courtesy of unconventional or shale oil.  The spread between
domestic and international crude is something that companies with US refining
capacity have been able to monetise.  Fundamentally, we think there is
overcapacity in the refining industry and better medium term opportunities can
be found elsewhere in the value chain.  The energy equity index closed down
1.3% (Sterling terms).

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

14 December 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.