Portfolio Update

Merrill Lynch Commodities Income IT
14 February 2006

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 January 2006 and unaudited.

Performance at month end is calculated on a capital only basis

                                                    One                 Since
                                                 Month               Launch*
Net asset value                                    6.8%                  7.3%
Share price                                        4.1%                  7.3%

*Launched on 13 December 2005.

Sources:  Merrill Lynch Investment Managers and Datastream.

At month end

Net asset value:                                       105.11p
Share price:                                           107.25p
Premium to NAV:                                           2.0%
Total assets:                                           £78.9m
Ordinary shares in issue:                           75,000,000


Ten Largest Sector                        % of Total Assets      Country Analysis              % of Total Assets
Weightings
Integrated oil                                         19.4      Canada                                     25.7
Diversified                                            10.7      USA                                        17.8
Copper                                                  8.7      Europe                                     16.6
Platinum                                                8.3      Australia                                  10.2
Exploration & production                                7.3      South Africa                                9.4
Coal                                                    6.4      Latin America                               7.0
Iron ore                                                6.2      China                                       4.4
Aluminium                                               5.2      Russia                                      2.3
Nickel                                                  5.0      Asia                                        2.1
Oil sands                                               3.8      Kazakhstan                                  1.8
Oil services                                            3.3      Current assets                              2.7
Diamonds                                                3.2                                               ------
Refining & marketing                                    3.1      Total                                    100.00
Distribution                                            2.0                                               ------
Zinc                                                    1.7
Mineral sands                                           1.7
Gold                                                    1.3
Current assets                                          2.7
                                                     ------
Total                                                100.00
                                                     ------




Ten Largest Equity Investments
Company                                                       Region of Risk
Aber Diamond                                                  Canada
Canadian Oil Sands                                            Canada
Chevron                                                       USA
CVRD                                                          Latin America
ENI                                                           Europe
Fording Canadian Coal                                         Canada
Lonmin                                                        South Africa
Precision Drilling                                            Canada
Teck Cominco                                                  Canada
Valero Energy                                                 USA




Commenting on the markets, Richard Davis, representing the Investment Manager
noted:

Commodity markets made an excellent start to 2006.  In the energy sector, oil
prices moved up to US$68/Bbl in response to several factors including cold
weather in Europe, disruptions to gas supplies from Russia and concerns about
Iran's nuclear strategy.  Zinc was the top performing base metal, with a gain of
21.1%, while gold rose 11.2% to US$570/oz.  In corporate news, results from some
of the commodity producers have been impressive.  In the energy markets, results
were particularly good from the oil service sector, which also gave an upbeat
assessment on the outlook for 2006.  Meanwhile, Rio Tinto reported details of a
major capital management programme in its result for 2005, including the payment
of a special dividend.  Going forward, we expect more companies to follow Rio's
lead in increasing their capital returns to shareholders this year.



Latest information is available by typing www.mlim.co.uk/its on the internet,
'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV terminal).



14 February 2006


                      This information is provided by RNS
            The company news service from the London Stock Exchange