Portfolio Update

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 December 2007 and unaudited.

Performance at month end with net income reinvested

                       One       Three         Six        One        Since
                     Month      Months      Months       Year       Launch*
                                                                              
Net asset             3.4%        7.6%       21.2%      57.0%        78.9%                   
value                                                                         
                                                                              
Share price           3.8%        5.0%       23.6%      53.1%        66.7%                   

*13 December 2005.

Sources: Datastream, BlackRock MLIM.

At month end                                                                   
                                                                               
Net asset value - capital only:       160.25p                                  
                                                                               
Net asset value - cum income:         161.72p                                  
                                                                               
Share price:                          153.50p                                  
                                                                               
Discount to NAV (capital only):          4.2%                                     
                                                                               
Net yield:                               3.1%                                     
                                                                               
Gearing:                                 3.8%                                     
                                                                               
Revenue per share:                     1.47p*                                   
                                                                               
Total assets:                         £115.9m                                  
                                                                               
Ordinary shares in issue:          69,610,662                               
(excluding Treasury shares)                                                    
                                                                               
*revenue per share excludes the first interim dividend paid on 27 April 2007,  
the second interim dividend paid on 27 July 2007, the third interim dividend   
paid on 26 October 2007 and the fourth interim dividend which went xd
on 24 December 2007 and was paid on 25 January 2008.                           

Sector Analysis               % of Total   Country Analysis            % of Total
                                  Assets                                   Assets
                                                                               
Integrated Oil                      29.0   Global                            21.4
                                                                               
Diversified                         20.0   USA                               16.4
                                                                               
Exploration & Production            11.1   Europe                            12.3
                                                                               
Gold                                 7.1   Canada                            12.1
                                                                               
Coal                                 5.0   Australia                          9.6
                                                                               
Aluminium                            5.0   Asia                               8.7
                                                                               
Nickel                               4.9   Latin America                      7.7
                                                                               
Platinum                             4.7   China                              5.6
                                                                               
Copper                               3.9   South Africa                       3.6
                                                                               
Oil Services                         3.4   Russia                             2.2
                                                                               
Zinc                                 2.4   India                              0.7
                                                                               
Tin                                  1.2   Africa                             0.7
                                                                               
Uranium                              1.0   Current liabilities              (1.0)
                                                                               
Refining and Marketing               0.9                                   ------
                                                                               
Distribution                         0.7                                    100.0
                                                                               
Diamond                              0.4                                   ------             
                                                                               
Mineral Sands                        0.3                                       
                                                                               
Current liabilities                 (1.0)                                       
                                                                               
                                  ------                                       
                                                                               
                                   100.0
                                       
                                  ------


Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
Alcoa                                     USA                                  
                                                                               
BHP Billiton                              Global                               
                                                                               
Chevron                                   Global                               
                                                                               
CNOOC                                     China                                
                                                                               
Eni                                       Europe                               
                                                                               
Rio Tinto                                 Global                               
                                                                               
Statoil                                   Europe                               
                                                                               
Straits Asia Resources                    Asia                                 
                                                                               
Straits Resources                         Australia                            
                                                                               
Total                                     Global                               


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

Concerns over the impact of the credit crisis and the potential for it to
derail global growth continued to weigh on financial markets during the month.
Consequently, base metal prices fell 1.6% and the mining shares closed down
0.7%. This uncertainty, along with an upturn in geopolitical risk and a
weakening US Dollar, meant that the gold price was well supported and ended the
month at a new high of US$836/oz. The energy sector performed well in December.
The oil market remained firm due to tight fundamentals, with prices moving up
to US$96/barrel. Low levels of crude oil inventory in the approach to a cold
winter helped support prices. While OPEC did increase production in November,
the associated pull back in oil prices was short lived due to a lack of
visibility regarding further supply increases planned for 2008. Energy equities
closed the month up 9.0%.

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).

31 January 2008