Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 October 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%   -14.0%   -11.5%   -9.5%   -14.6%   7.1%
Share price      -7.1%   -13.6%   -11.5%   -7.6%    -8.0%   7.0%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:          94.28p
Net asset value - cum income*:           95.41p
Share price:                             98.00p
Premium to NAV (cum income):               2.7%
Net yield:                                 6.1%
Gearing - cum income:                      4.0%
Total assets^^:                         £102.8m
Ordinary shares in issue:           104,058,000
Gearing range (as a % of net assets):     0-20%
Ongoing charges**                          1.4%

*Includes net revenue of 1.13p.
^^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            34.2    Global                  33.1
Diversified               18.7    USA                     20.3
Exploration & Production  15.1    Canada                  18.8
Copper                     7.5    Europe                  11.1 
Oil Sands                  4.7    Latin America            6.5
Nickel                     4.6    Asia                     4.4
Distribution               3.6    China                    2.2 
Oil Services               3.5    Africa                   2.0
Gold                       2.4    Australia                2.0
Coal                       2.2    Current liabilities     (0.4)
Iron Ore                   1.4                           -----
Silver                     1.3                           100.0
Diamonds                   0.5                           =====
Platinum                   0.4
Fertilizers                0.3
Current liabilities       (0.4)
                         -----
                         100.0
                         =====

Ten Largest Equity Investments
                                                         % Total
Company                          Region of Risk           Assets

Chevron                          Global                      6.9
ExxonMobil                       Global                      6.0
BHP Billiton                     Global                      5.5
Rio Tinto                        Global                      3.8
Royal Dutch Shell                Global                      3.6
Eni                              Europe                      3.6
Enbridge Income                  Canada                      3.6
Freeport-McMoran Copper & Gold   Asia                        3.5
ConocoPhillips                   USA                         3.3
Glencore                         Global                      3.2

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

Both the energy and mining sectors came under significant downward pressure
during the month as commodity prices, particularly on the energy side, fell
sharply. The Brent oil price slid by 11.1% during the month to close at $84/bbl
- this is 27% lower than the peak price seen to date in 2014. Although the base
metals fared better with copper rising by 0.6%, zinc rising by 1.5% and
aluminium up by over 6%, concerns around global economic growth overwhelmed
this and the sector (as indicated by the Euromoney Global Mining Index) fell by
6.8%. Two prominent market institutions undermined confidence on the demand
side with the IMF lowering its global economic growth forecast for 2014 to 3.3%
(from 3.7% earlier in the year) and the World Bank cutting its forecasts for
China's economic growth for the next 3 years. This weaker demand picture has
coincided with a period of strong supply growth both in the bulk commodities,
such as iron ore, and also in the energy space. Data published in the month
showed that in September global oil supply rose by over 900,000 barrels per day
to 93.8 million barrels per day as Libyan output continued to recover and Iraqi
flows were higher.

The US Dollar continued to strengthen during the month, rising by nearly 4%
versus the Yen and by nearly 2% against the Pound. This, along with the
announcement by the Federal Reserve that Quantitative Easing would end, sent
precious metals prices sharply lower. The impact on gold companies was profound
- the FTSE Gold Mines Index fell by over 18% in the month as the market priced
in lower cashflows and concerns were raised over the balance sheets of some
producers should prices remain near $1,100/oz for an extended period of time.

In the portfolio during the month we added to a Canadian listed mid cap
copper-nickel company as the sell-off in the market presented an attractive
entry point. We also rotated some of our precious metals exposure, selling out
of three smaller positions and consolidating the capital into one high
conviction mid cap name that has assets in the bottom part of the industry cost
curve and a strong production growth profile for the next 3 years.

26 November 2014

ENDS

Latest information is available by typing www.blackrock.co.uk/brci on the
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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.