Director/PDMR Shareholding

Merrill Lynch Commodities Income IT
13 December 2005

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY AND CONNECTED PERSONS

1.      Name of Issuer

Merrill Lynch Commodities Income Investment Trust plc

2.      State whether the notification relates to (i) a transaction notified in
accordance with DR 3.1.4R(1)(a); or (ii) DR 3.1.4R(1)(b) a disclosure made in
accordance with section 324 (as extended by section 328) of the Companies Act
1985; or (iii) both (i) and (ii).

Both (i) and (ii)

3.      Name of person discharging managerial responsibilities/director.

Mr H van der Klugt

4.      State whether notification relates to a person connected with a person
discharging managerial responsibilities/director named in 3 and identify the
connected persons.

N/A

5.      Indicate whether the notification is in respect of a holding of the
person referred to in 3 or 4 above or in respect of a non-beneficial interest.

Holding of the person named above

6.      Description of shares (including class), debentures or derivatives or
financial instruments relating to shares.

Ordinary shares of 1p each

7.      Name of registered shareholder(s) and, if more than one, the number of
shares held by each of them.

Mr Humphrey van der Klugt

8.      State the nature of the transaction.

Subscription for shares on launch of Company

9.      Number of shares, debentures or financial instruments relating to shares
acquired.

25,000 shares

10.     Percentage of issued class acquired (treasury shares or that class
should not be taken into account when calculation percentage).

0.03%

11.     Number of shares, debentures or financial instruments relating to shares
disposed.

N/A

12.     Percentage of issued class disposed (treasury shares or that class
should not be taken into account when calculation percentage).

N/A

13.     Price per share or value of transaction.

100p per share

14.     Date and place of transaction.

7 December 2005, London

15.     Total holding following notification and total percentage holding
following notification (any treasury shares should not be taken into account
when calculating percentage).

25,000 (0.03%)

16.     Date issuer informed of transaction.

7 December 2005

17.     Date of grant.

N/A

18.     Period during which or date on which it can be exercised.

N/A

19.     Total amount paid (if any) for grant of the option.

N/A

20.     Description of shares or debentures involved (class and number).

N/A

21.     Exercise price (if fixed at time of grant) or indication that price is
to be fixed at the time of the exercise.

N/A

22.     Total number of shares or debentures over which option held following
notification.

N/A

23.     Any additional information.

N/A

24.     Name of contact and telephone number for queries.

Barbara Powley

Company Secretary

Merrill Lynch Investment Managers Limited

Tel: [phone]



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