Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 30 April 2009 and unaudited.

Performance at month end with net income reinvested

                         One    Three      Six        One    Since    
                       Month   Months   Months       Year   Launch*  
                                                                               
Net asset value         8.9%    17.8%    22.2%     -41.0%    13.7%             
Share price             5.5%    16.6%    28.3%     -39.7%    15.3%             

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
                                                                               
Net asset value - capital only:                     96.12p                     
Net asset value - cum income**:                     96.84p                     
Share price:                                       100.00p                     
Premium to NAV (capital only):                       4.04%                     
Net yield:                                           5.44%                     
Gearing - cum income:                                6.56%                     
Revenue per share:                                   0.72p^                    
Total assets:                                      £76.51m^^                   
Ordinary shares in issue:                       73,825,662                     

**Includes net revenue of 0.72p.
^Revenue per share is stated after deduction of the first quarterly dividend of
1.35p which was paid on 24 April 2009.
^includes current year revenue.

                                    % of Total                           % of Total
Sector Analysis                         Assets     Country Analysis          Assets
                                                                               
Integrated Oil                            23.0     Europe                      30.6
Diversified                               19.4     USA                         24.6
Exploration & Production                  14.8     Canada                      12.7
Gold                                       7.5     Asia                        10.1
Copper                                     7.3     Latin America                9.8
Oil Services                               4.8     South Africa                 3.2
Fertilizers                                4.5     Russia                       2.3
Platinum                                   3.3     China                        1.5
Aluminium                                  3.2     India                        1.2
Coal                                       2.8     Australia                    1.1
Nickel                                     2.3     Africa                       0.5
Tin                                        1.4     Current assets               2.4
Distribution                               1.2                                -----
Zinc                                       1.2                                100.0
Iron Ore                                   0.9                                =====
Current assets                             2.4                                 
                                         -----                                 
                                         100.0                                 
                                         =====                                 

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
Anadarko Petroleum                        USA                                  
BHP Billiton                              Global                               
BP                                        Global                               
Eni                                       Europe                               
Exxon Mobil                               Global                               
Niko Resources                            Asia                                 
Rio Tinto                                 Global                               
StatoilHydro                              Europe                               
Total                                     Global                               
Vale                                      Latin America                        

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

April was another strong month for commodity markets, with mining shares and
energy shares gaining 8.2% and 3.2% respectively. Bullish economic data from
some of the leading commodity consumers (including the United States, China and
India) coupled with some weakness in the US Dollar pushed most commodity prices
higher during the month. Investor sentiment towards the sector improved as US
construction spending rose by 0.3% in March, while the Chinese manufacturing
index rose to a nine-month high of 50.1 in April (from 44.8 in March). Indian
factory activity also expanded for the first time in five months. While these
data are encouraging, it should be noted that global commodity demand remains
at depressed levels. Oil prices gained 2.9% (in US Dollar terms) to finish back
above the US$50/Bbl level. In the metals sector, copper rose 11.9% to US$2.05/
lb. Copper is now up nearly 70% from its December low. Elsewhere, gold prices
fell back below the US$900/oz level as investors took profits to re-invest in
general equity markets.

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 May 2009