Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 November 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    -3.6%  -18.2%  -14.8%  -8.1%  -18.0%   -2.0%
Share price         1.0%  -14.9%   -9.2%  -4.5%   -9.4%    6.1%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:           90.38p
Net asset value - cum income*:            91.98p
Share price:                              99.00p
Premium to NAV (cum income):                7.6%
Net yield:                                  6.1%
Gearing - cum income:                       1.9%
Total assets^^:                           £98.6m
Ordinary shares in issue:            105,158,000
Gearing range (as a % of net assets):      0-20%
Ongoing charges**                           1.4%

*Includes net revenue of 1.60p.
^^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.

Sector                  % Total    Country          % Total
Analysis                 Assets    Analysis          Assets
Integrated Oil             33.0    Global              28.2
Diversified                17.8    USA                 19.3  
Exploration & Production   14.5    Canada              18.5
Copper                      8.0    Europe              15.0 
Oil Sands                   5.2    Latin America        6.7
Nickel                      5.0    Asia                 5.1
Gold                        4.2    Africa               3.0
Distribution                3.8    China                2.4 
Oil Services                2.6    Australia            1.8
Coal                        2.4                       -----
Iron Ore                    1.2                       100.0            
Silver                      1.4                       ===== 
Diamonds                    0.6                       
Fertilizers                 0.3
                          -----
                          100.0
                          =====

Ten Largest Equity Investments
                                                    % Total
Company                 Region of Risk               Assets
Chevron                 Global                       6.0
ExxonMobil              Global                       6.0
Glencore                Global                       4.4
BHP Billiton            Global                       4.3
Enbridge Income         Canada                       3.8
Eni                     Europe                       3.6
Royal Dutch Shell       Global                       3.6
Canadian Oil Sands      Canada                       3.4
ConocoPhillips          USA                          3.2
Total                   Europe                       3.2

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

The oil price took another sharp step lower in November, falling by 15.0% and
18.1% to end the period at $65.9/bbl and $71.7/bbl respectively for WTI and
Brent. Weaker economic activity in Europe and the recent deterioration of the
Chinese economy weighed on the oil price. At the same time, Libyan production
rose by 250kb/d in October, a 47% increase on their September production. Soft
Chinese economic data also weighed on the mining sector. Money supply and
credit growth in October fell short of expectations as did the HSBC flash PMI,
which fell to 50.0 from 50.4 for the previous month. The recent lacklustre data
from the world's second largest economy prompted a policy response: the
People's Bank of China cut their deposit rate by 0.4% to 5.6%. However, it was not
enough to push the sector into positive territory for the month. Copper, zinc
and aluminium declined by 5.2%, 4.4% and 1.3% respectively. Nickel was the
bright spot among the base metals, appreciating by 3.2%. Iron ore continued to
be the laggard declining by 11.0% to a fraction below $70/tonne. The medium term
outlook for copper attracted some positive attention with the announcement from
BHP Billiton that they are expecting a significant ore grade decline at their
Escondida asset in the coming years. Escondida is the world's largest copper
mine and is expected to produce ~880kt of copper concentrate in 2014. Following
the announcement, the market is adjusting its expectations for 2015 and 2016
production meaningfully lower.

Halliburton and Baker Hughes, the second and third largest oil service
companies (by market capitalisation), announced the intention to merge. The oil
services industry has come under pressure given the capital constraint from
integrated oil and E&P companies.  In this environment the companies believe
that consolidation, size, scale and an international footprint make sense. The
portfolio was a net beneficiary from this transaction as it held a modest
holding (just under 1% of NAV) in Baker Hughes, which reacted positively given
the relative share prices for the merger. No shares were held in Halliburton.

Rio Tinto held their Capital Markets Day and echoed the commitments to
increasing shareholder returns that BHP Billiton made at their equivalent event
in October. Rio will be cutting capex further (below $8.5bn from an estimated
$9bn) and has deferred a $1bn investment in an iron ore project, paving the way
for higher cash returns.

18 December 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.