Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 May 2014 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  0.2%    4.5%    7.9%  1.2%  -15.0%   35.0%
Share price     -1.5%    2.5%    5.2%  0.8%  -13.5%   36.0%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:          109.53p
Net asset value - cum income**:          110.94p
Share price:                             112.00p
Premium to NAV (cum income):                1.0%
Net yield:                                  5.3%
Gearing - cum income:                       4.5%
Total assets^^:                          £117.8m
Ordinary shares in issue:            101,008,000
Gearing range (as a % of net assets):      0-20%

**Includes net revenue of 1.41p.
^^includes current year revenue.
  
Sector                 % Total   Country           % Total
Analysis                Assets   Analysis           Assets
Integrated Oil            36.5   Global               35.9
Diversified               17.2   Canada               20.0
Exploration & Production  10.5   USA                  14.7
Copper                     8.2   Europe               11.0 
Oil Sands                  5.0   Latin America         8.0
Gold                       4.6   Asia                  4.1
Oil Services               4.1   Africa                3.5
Distribution               2.8   China                 1.1
Coal                       2.6   Australia             1.1
Iron Ore                   2.4   Current liabilities   0.6
Nickel                     1.9
Silver                     1.5
Uranium                    0.8                       -----
Aluminium                  0.6                       100.0
Platinum                   0.4                       =====
Fertilizers                0.3
Current liabilities        0.6
                         -----
                         100.0
                         =====

Ten Largest Equity Investments(in alphabetical order)

Company                           Region of Risk

BHP Billiton                      Global
BP                                Global
Chevron                           Global
Eni                               Europe
ExxonMobil                        Global
Freeport-McMoRan Copper & Gold    Asia
Rio Tinto                         Global
Royal Dutch Shell                 Global
Statoil                           Europe
Total                             Global

Commenting on the markets, Olivia Markham and Tom Holl, representing the
Investment Manager noted:

Divergent performance between the mining sector, which fell by 1.7% during the
month (Euromoney Global Mining Index), and the energy sector that rose by 0.8%
(MSCI World Energy Index) resulted in a NAV total return of +0.2% as the
portfolio benefitted from having a greater allocation to energy companies than
mining companies.

Despite a sell-off in mining equities in the last week of May resulting in a
1.7% fall in the Euromoney Global Mining Index for the month, a number of the
base metals rallied in the period with copper, nickel and zinc rising by 4%, 5%
and 1% respectively. However the sector was driven down by the iron ore price
falling steadily throughout the month from $105/t to $92/t as supply increases
from some of the global majors continued to weigh on the spot price in China.
Although the summer typically sees a slowdown in iron ore demand in China and
prices eased from levels seen in the first half of the year, the seasonal
pullback has occurred earlier than usual this year and has caused shares in iron
ore producers to underperform.

Nickel companies continued to perform well as the Indonesian ban on the export
of unprocessed ore to China remained in place, supporting a nickel price that
has risen by almost 40% so far this year. The portfolio's holdings in Western
Areas (a mid-cap nickel producer in Australia) and Norilsk Nickel (one of the
world's largest nickel producers with a unique geological endowment in Russia),
both contributed to performance.

International oil prices were supported during the month by a number of strong
macroeconomic data points as well as geopolitically driven supply disruptions
(both real in the case of Libya where production remains 86% below pre-war
levels and perceived in the case of the Russia-Ukraine tensions). Several
strong US macroeconomic data releases helped improve sentiment on the demand
side and WTI rose by over 3% during the month to close at $103.40/bbl. Brent
traded moderately higher to finish at $109.32/bbl.

In the energy equities, one of the portfolio's oil service holdings,
Norwegian-listed Aker Solutions, contributed strongly to performance following
an announcement that it had won a significant offshore field deal to service a
number of BP operated fields. This type of performance highlights that while
there may be sub-sectors such as oil services that are facing tough
environments, there is still the possibility of investing in strong companies
within these sub-sectors at attractive valuations.

19 June 2014

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.