Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 September 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   -7.9%   -7.0%   -0.6%   2.5%   4.5%   13.1%
Share price       -9.4%   -6.9%   -0.6%   5.2%   8.2%   15.0%

Sources: Datastream, BlackRock

At month end 
Net asset value - capital only:          102.72p
Net asset value - cum income*:           103.57p
Share price:                             105.50p
Premium to NAV (cum income):                1.9%
Net yield:                                  5.7%
Gearing - cum income:                       6.1%
Total assets^^:                          £112.8m
Ordinary shares in issue***:         103,558,000
Gearing range (as a % of net assets):      0-20%
Ongoing charges**                           1.4%

*includes net revenue of 0.85p.
^^includes current year revenue.
** calculated as a percentage of average net assets and using expenses,
excluding any interest costs and excluding taxation for the year ended 30
November 2013.
*** following the issue of a further 500,000 ordinary shares on 3 October 2014
the ordinary shares in issue increased to 104,058,000.

Sector                    % Total      Country               % Total
Analysis                   Assets      Analysis               Assets
Integrated Oil               34.3      Global                   32.8
Diversified                  17.2      USA                      19.8
Exploration & Production     15.6      Canada                   19.8
Copper                        7.6      Europe                   11.2 
Oil Sands                     4.9      Latin America             6.0
Oil Services                  3.8      Asia                      4.3
Coal                          3.5      Africa                    3.3 
Distribution                  3.3      China                     2.0
Gold                          3.0      Australia                 1.8
Iron Ore                      2.3      Net current liabilities  (1.0)
Nickel                        2.2                              -----
Silver                        1.4                              100.0
Uranium                       0.8                              =====
Diamonds                      0.5
Platinum                      0.3
Fertilizers                   0.3
Net current liabilities      (1.0)
                            -----
                            100.0
                            =====

Ten Largest Equity Investments(in alphabetical order)

Company                         Region of Risk
BHP Billiton                    Global
Chevron                         Global
ConocoPhillips                  USA
Enbridge Income                 Canada
Eni                             Europe
ExxonMobil                      Global
Freeport-McMoran Copper & Gold  Asia
Royal Dutch Shell               Global
Statoil                         Europe
Total                           Global

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

Both the energy and the mining sectors witnessed a sharp reversal in
performance during September, with the energy sector -5.5% (MSCI World Energy),
outperforming the mining sector -10.3% (Euromoney Global Mining Index),
resulting in a total return for the portfolio of -7.9% (with dividends
reinvested). At the end of September the Company's shares were trading at a
1.9% premium to the NAV, with a dividend yield of 5.7%.

The Brent oil price fell by 6.4% in September, finishing the month at $95/bbl.
The price was weighed down by concerns over slowing global economic and
oil-demand growth, coupled with the alleviation of previously disrupted Libyan
supply. The macroeconomic malaise experienced across much of Europe, combined
with a seasonally weak period for refining demand, also impacted the oil price.
Despite weakness in the near-term oil price, the long-term price has risen by
$5/bbl over the last month.

We saw some M&A activity in the energy sector during the month as Exploration &
Production company Encana, a position in the portfolio, announced plans to
acquire a junior Permian-based producer. This was well received by the market.
The portfolio's holding in Eni, an integrated oil & gas producer, was the largest
contributor to performance over the month following its oil discovery in
Ecuador, as well as the more defensive nature of its business.

The Euromoney Global Mining Index suffered its largest monthly fall since June
2013 as soft economic data from China and Europe continued to weigh on market
sentiment. During the month it emerged that, over August, China's industrial
production expanded at its slowest pace since the global financial crisis and
the country's power generation had fallen by 2.2% year-on-year. Mined
commodities trended lower across the board. Continued strong performance of the
US dollar, which hit a four-year high on a trade-weighted basis during the
month, continued to act as a headwind for prices. Iron ore continued on its
downward trend and finished the month at $79/tonne (having started the year at
$130/tonne).

Gold equities fell particularly hard over the period and our underweight to the
sub-sector helped drive relative returns. The portfolio's exposure to iron ore
producers including Fortescue & London Mining detracted from performance.
During the month the portfolio continued to reduce its exposure to iron ore
producers. Our copper exposure benefitted relative returns, with copper stocks
such as the portfolio's holding in Hudbay Minerals outperforming the broader
mining space.

17 October 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.