Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 October 2008 and unaudited.

Performance at month end with net income reinvested

                           One     Three      Six      One       Since    
                         Month    Months   Months     Year     Launch*  
                                                                             
Net asset value         -25.5%    -43.4%   -51.8%   -48.6%       -7.0%             
                                                                             
Share price             -26.8%    -41.4%   -53.0%   -47.2%      -10.1%            

Sources: Datastream, BlackRock

At month end                                                                   
                                                                               
Net asset value - capital only:                     79.66p                     
Net asset value - cum income**:                     81.89p                     
Share price:                                        80.50p                     
Premium to NAV (capital only):                       1.05%                     
Net yield:                                            7.2%                     
Gearing:                                             13.0%                     
Revenue per share:                                   2.23p^                    
Total assets (capital only):                       £67.17m^^                   
Ordinary shares in issue:                       71,310,662                     


**Includes net revenue of 2.23p.
^Revenue per share is stated after deduction of the first quarterly dividend of
1.3125p which was paid on 25 April 2008 and the second quarterly dividend of
1.3125p which was paid on 25 July 2008 and the
third quarterly dividend of 1.3125p which was paid on 24 October 2008.
^^includes current year revenue.

                               % of Total                            % of Total
Sector Analysis                    Assets      Country Analysis          Assets
                                                                               
Integrated Oil                       28.7      Europe                      33.4
Diversified                          18.9      USA                         27.0
Exploration & Production             14.8      Canada                      11.8
Gold                                  6.9      Asia                         8.9
Oil Services                          5.7      Latin Amercia                6.9
Aluminium                             4.8      South Africa                 3.2
Copper                                3.1      Russia                       2.5
Agriculture                           2.9      Australia                    2.4
Platinum                              2.9      Africa                       1.0
Fertilizer                            2.3      China                        1.0
Coal                                  2.1      India                        0.9
Nickel                                1.9      Current assets               1.0
Iron Ore                              1.2                                 -----
Distribution                          1.1                                 100.0
Tin                                   1.1                                 =====
Zinc                                  0.6                                 
Current assets                        1.0                                 
                                    -----                                 
                                    100.0                                 
                                    =====                                 

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
Alcoa                                     USA                                  
BHP Billiton                              Global                               
British Petroleum                         Global                               
Chevron                                   Global                               
Eni                                       Europe                               
Occidental Petroleum                      USA                                  
Rio Tinto                                 Global                               
StatoilHydro                              Europe                               
Total                                     Global                               
Vale                                      Latin America                        

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

The sell-off in commodity markets intensified during October. In Sterling
terms, mining and energy equity indices fell 27.4% and 9.0% respectively. Asset
prices were impacted by further deleveraging and fears that the financial
crisis will severely impact the real economy. In the energy market, US oil
demand is forecast to fall 4.6% in 2008 when compared to 2007, although there
has been some anecdotal evidence that this decline may be slowing. Non-OECD oil
demand has so far appeared resilient to the declines seen in the OECD but may
come under pressure in coming months. Whilst the market is focused on demand,
the supply situation is also becoming increasingly fragile, as evidenced by
recent comments from the IEA that current decline rates are around 9%. In
response to falling demand, OPEC announced production cuts of around 1.5
million barrels day (although there is some ambiguity as to whether all members
of the cartel will adhere to the new production targets). In addition, we are
seeing many new projects being delayed as a result of lower oil prices and an
inability to obtain financing. Capital expenditure amongst US exploration and
production companies in 2009 is estimated to be reduced by around 33% when
compared with 2008. The mining market continued to be weighed down by negative
market sentiment and concerns about a severe slowdown in growth in China, the
engine of commodity consumption. The release of relatively robust Chinese GDP
data during the month - 9.9% GDP growth for the year to end September and 9.0%
in the third quarter - did little to offset the malaise. The current market
conditions are also forcing a strong reaction on the supply of mined
commodities. Producers are scaling back production and future projects are
being shelved. According to some recent broker analysis, around two-thirds of
the mining capital expenditure planned for 2009 is at risk if the credit crisis
persists. There were several notable announcements in this regard: Vale
outlined production cuts of between 10% and 20% across its products; Alcoa shut
its Rockdale smelter and shut-in alumina capacity; and Freeport McMoran and Rio
Tinto have announced that capital spending on growth projects is under review.

Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

28 November 2008