Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 March 2011 and unaudited.

                       One    Three       Six       One     Three      Five     
                     Month   Months    Months      Year     Years     Years    
                                                                               
Net asset value       2.9%     3.8%     24.6%     20.3%     17.7%     83.0%    
Share price           0.7%    -1.1%     22.8%     16.7%     19.3%     74.9%    

Sources: DataStream, BlackRock

At month end                                                                   
Net asset value - capital only:                    158.62p                     
Net asset value - cum income**:                    158.83p                     
Share price:                                       158.25p                     
Discount to NAV (capital only):                       0.2%                     
Net Yield:                                            3.9%                     
Gearing - cum income:                                 3.1%                     
Total assets^:                                    £148.34m                   
Ordinary shares in issue:                       90,508,000                     

**includes net revenue of 0.21p.
^includes current year revenue.

                          % of Total                                 % of Total
Sector Analysis               Assets       Country Analysis              Assets
                                                                               
Integrated Oil                  27.8       USA                             20.3
Exploration & Production        14.8       Global                          20.2
Diversified                     14.3       Canada                          16.4
Copper                           9.2       Europe                          13.5
Coal                             6.8       Asia                             9.9
Oil Services                     4.8       Latin America                    7.0
Iron Ore                         3.9       Australia                        5.4
Aluminium                        3.7       South Africa                     5.4
Fertiliser                       3.1       Africa                           1.4
Zinc                             2.8       China                            1.4
Gold                             2.5       Russia                           0.3
Nickel                           2.0       Current liabilities            (1.2)
Tin                              1.6                                      -----
Distribution                     1.5                                      100.0
Platinum                         1.5                                      =====
Oil Sands                        0.9                                           
Current liabilities            (1.2)                                           
                               -----                                           
                               100.0                                           
                               =====                                           

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
Anadarko Petroleum                        USA                                  
BHP Billiton                              Global                               
Coal & Allied Industries                  Australia                            
ExxonMobil                                Global                               
Freeport McMoRan                          Asia                                 
Kumba Iron Ore                            South Africa                         
Occidental Petroleum                      USA                                  
Rio Tinto                                 Global                               
Statoil                                   Europe                               
Total                                     Global                               

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

In the energy market, oil prices broke through the US$120/Bbl level (Brent)
with the bulk of Libyan supply remaining off the market. While concern about
supply in the MENA region has been the key price determinant in recent weeks,
firmer economic growth is also providing some support.

On 11 March, the earthquake and tsunami that devastated the east coast of Japan
left the Fukushima nuclear plant, one of the world's largest, in a precarious
state. This raised concerns about the long term build of nuclear reactors
globally and by implication the uranium industry. As a result, uranium prices
fell 30% to a low of US$49/lb before recovering to US$59/lb by the end of the
month. Uranium equities were also severely punished. The net impact of the
disaster on Japanese oil demand is likely to be positive: there is sufficient
oil-fired power capacity to make up the nuclear shortfall and it has been
estimated that its utilisation could add 200,000 Bbl/d to incremental oil
demand. It is also likely that the power shortfall will be met with Liquefied
Natural Gas and coal. The Company has no exposure to uranium equities.

In other news, Britain's Chancellor of the Exchequer, George Osborne, announced
a windfall tax on North Sea oil producers as part of his 2011 budget. This had
little impact on the Company. Energy equities closed the month up 2.0%. In the
mining sector, commodity prices were volatile with positive returns coming from
both silver and gold as many investors sought refuge in "safe haven" assets.
Industrial commodity prices were generally softer during the month. Mining
equities closed the month up 1.9%.

15 April 2011

ENDS

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). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.