Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 July 2008 and unaudited.

Performance at month end with net income reinvested

                       One    Three      Six      One    Since
                     Month   Months   Months     Year  Launch*
                                                                             
Net asset value     -16.5%   -14.8%     0.7%    12.2%    64.3%                   
                                                                              
Share price         -16.3%   -19.7%    -0.3%     9.9%    53.5%                   

*13 December 2005.

Sources: Datastream, BlackRock

At month end                                                                   
                                                                               
Net asset value - capital only:                144.06p                         
                                                                               
Net asset value - cum income**:                146.19p                         
                                                                               
Share price:                                   139.00p                         
                                                                               
Discount to NAV (capital only):                   3.5%                         
                                                                               
Net yield:                                        4.1%                         
                                                                               
Gearing:                                         12.1%                         
                                                                               
Revenue per share:                               2.13p^                       
                                                                               
Total assets:                                  £117.7m^^                       
                                                                               
Ordinary shares in issue:                   70,810,662                         
(excluding 4,789,338 Treasury shares)                                          
                                                                               
** Includes net revenue of 2.13p.                                              
                                                                               
^ 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.                    
                                                                               
^^ Includes current year revenue.                                              

Sector Analysis               % of Total   Country Analysis            % of Total
                                  Assets                                   Assets
                                                                               
Integrated Oil                      24.3   Global                            21.9
                                                                               
Diversified                         18.3   USA                               20.3
                                                                               
Exploration & Production            14.5   Europe                            16.3
                                                                               
Aluminium                            8.2   Asia                              11.5
                                                                               
Gold                                 5.9   Canada                             8.9
                                                                               
Oil Services                         5.7   Latin America                      7.2
                                                                               
Platinum                             4.3   Australia                          4.5
                                                                               
Coal                                 3.7   South Africa                       3.4
                                                                               
Nickel                               3.7   China                              2.6
                                                                               
Copper                               3.0   Russia                             1.8
                                                                               
Fertilizer                           1.3   Africa                             0.8
                                                                               
Agriculture                          1.3   Current assets                     0.8
                                                                               
Zinc                                 1.2                                   ------
                                                                               
Tin                                  1.1   Total                            100.0
                                                                               
Distribution                         0.7                                       
                                                                               
Mineral Sands                        0.6                                       
                                                                               
Uranium                              0.5                                       
                                                                               
Refining & Marketing                 0.4                                       
                                                                               
Diamond                              0.3                                       
                                                                               
Iron Ore                             0.2                                       
                                                                               
Current assets                       0.8  
                                  ------                                 
                                                                               
Total                              100.0                                       


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


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

July was a dreadful month for the commodity markets. In fact, they registered
their largest monthly decline in 28 years. In US Dollar terms, crude oil
slipped back US$20/Bbl from its US$145/Bbl high and natural gas was down nearly
30%. In the metals sector, nickel fell 14.0%, while copper and aluminium were
down 5.9% and 4.7% respectively. Zinc and lead made gains of 1.8% and 28.5%
respectively. Commodity equities fell by approximately 13% (in sterling terms).
The falls reflect growing concerns over the potential for a slow down in the
Chinese economy, notwithstanding the fact that China's second quarter GDP
growth of 10.1% was announced during the month. While this is slightly lower
than the 10.6% growth in the first quarter, it is supportive of continued
strong demand for metals and minerals in the country. However, the sharp
negative shift in sentiment was enough to push share prices sharply lower.

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).

21 August 2008