Portfolio Update

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 March 2008 and unaudited.

Performance at month end with net income reinvested

                     One        Three      Six        One              Since
                     Month      Months     Months     Year             Launch*
                                                                              
Net asset            -7.2%      -2.2%      5.2%       37.8%            75.0%                   
value                                                                         
                                                                              
Share price          -8.2%      1.2%       6.3%       41.8%            68.7%                   

*Launched on 13 December 2005.

Sources: Datastream, BlackRock

At month end                                                                   
                                                                               
Net asset value - capital only:       156.30p                                  
                                                                               
Net asset value - cum income:         156.86p                                  
                                                                               
Share price:                          154.00p                                  
                                                                               
Discount to NAV (capital only):       1.5%                                     
                                                                               
Net yield:                            3.5%                                     
                                                                               
Gearing:                              7.4%                                     
                                                                               
Revenue per share:                    0.56p*                                   
                                                                               
Total assets:                         £119.6m                                  
                                                                               
Ordinary shares in issue:             70,810,662                               
                                                                               
(excluding 4,789,338 Treasury shares)                                          
                                                                               
*excludes the first interim dividend of 1.3125p which is payable on 25 April   
2008.                                                                          

Sector Analysis               % of Total  Country Analysis             % of Total
                                  Assets                                   Assets
                                                                               
Integrated Oil                      23.1  Global                            20.9
                                                                               
Diversified                         18.9  USA                               17.6
                                                                               
Exploration & Production            13.6  Europe                            14.8
                                                                               
Copper                               6.7  Asia                              12.0
                                                                               
Aluminium                            6.3  Latin America                      9.9
                                                                               
Gold                                 5.7  Canada                             8.9
                                                                               
Platinum                             5.1  Australia                          5.3
                                                                               
Nickel                               5.0  China                              3.9
                                                                               
Oil Services                         4.6  South Africa                       3.8
                                                                                
Coal                                 4.0  Russia                             1.9
                                                                               
Zinc                                 2.8  Africa                             0.8
                                                                                
Tin                                  1.4  Current assets                     0.2     
                                                                               
Uranium                              0.6                                  ------
                                                                               
Refining & Marketing                 0.6 Total                             100.0
                                                                               
Distribution                         0.6                                       
                                                                               
Mineral Sands                        0.5                                       
                                                                               
Diamond                              0.3                                       
                                                                               
Current assets                       0.2                                            
                                                                               
                                  ------                                       
                                                                               
Total                              100.0                                       

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

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

Commodity equities have been disappointing relative to the underlying
commodities, which remain well above their averages for 2007. In March, mining
shares fell 8.0% while the MG Base Metal Price Index was down 4.7%. With
financial markets dominated by credit-related events, investors have grown
increasingly concerned about the prospects for the US economy and have become
more uneasy in the face of heightened market volatility. It is worth pointing
out that the importance of the US economy on commodity markets is receding as
emerging market economies - in particular, China, India and Russia become more
significant. March was a quiet month for specific newsflow in the mining
sector. One of the highlights was the failure of Xstrata and CVRD to agree
merger terms and the deal now looks unlikely to go ahead. Power shortages in
South Africa continue to support precious metals prices and it is unlikely that
this situation will be resolved in full before 2012. Despite being in the midst
of the "shoulder period" of weaker demand, the oil price remained above US$100/
Bbl, peaking above US$110/Bbl on concerns about the level of inventories. The
strength in the oil price has also been driven by a weaker US dollar and the
reluctance of OPEC to increase supply despite the tight fundamentals in this
market. Energy equities closed down 3.1%.

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).

25 April 2008