Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 28 February 2010 and unaudited.

Performance at month end with net income reinvested

                         One    Three       Six       One      Since    
                       Month   Months    Months      Year     Launch*  
                                                                               
Net asset value         7.5%     7.8%     18.3%     66.9%      56.7%             
Share price             1.0%     4.3%     16.2%     56.4%      47.7%             

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
                                                                               
Net asset value - capital only:                    127.10p                     
Net asset value - cum income**:                    128.64p                     
Share price:                                       123.50p                     
Premium to NAV (capital only):                        2.8%                     
Net yield:                                            4.5%                     
Gearing - cum income:                                  Nil                     
Revenue per share:                                   1.54p                     
Total assets:                                       £96.90m^                   
Ordinary shares in issue:                       75,325,662                     

**Includes net revenue of 1.54p.
^includes current year revenue.

                          % of Total                                 % of Total
Sector Analysis               Assets       Country Analysis              Assets
                                                                               
Integrated Oil                  28.5       USA                             22.1
Exploration & Production        16.4       Global                          19.0
Diversified                     15.2       Canada                          14.0
Copper                           7.7       Asia                            12.3
Coal                             5.7       Europe                          11.4
Oil Services                     4.9       Latin America                    8.7
Iron Ore                         4.4       South Africa                     7.8
Fertiliser                       3.4       Australia                        3.5
Aluminium                        3.4       China                            1.8
Gold                             2.8       Africa                           0.8
Platinum                         2.3       Current liabilities            (1.4)
Nickel                           2.3                                      -----
Zinc                             1.8                                      100.0
Tin                              1.4                                      =====
Distribution                     1.2                                           
Current liabilities            (1.4)                                           
                               -----                                           
                               100.0                                           
                               =====                                           

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
Anadarko Petroleum                        Global                               
BHP Billiton                              Global                               
BP                                        Global                               
Freeport McMoRan                          Asia                                 
Kumba Iron Ore                            South Africa                         
Niko Resources                            Asia                                 
Occidental Petroleum                      USA                                  
Rio Tinto                                 Global                               
Statoil                                   Europe                               
Vale                                      Latin America                        

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

Mining shares gained 9.9% during the month, with the base metals complex up
8.1% (these strong returns in Sterling were driven in part by a sharp fall in
Sterling relative to the US Dollar). Copper prices moved higher following the
earthquake in Chile. Four mines, representing around 5% of world production
were impacted by power shutdowns, but were all back into full production within
a week. With Chile representing 30% of global copper production, concerns arose
over the security of copper supply causing the spot price to rise sharply. The
earthquake highlights the upside risk to copper owing to a tight supply-demand.

During the month the International Monetary Fund announced it would commence a
phased sale of 191.3 tonnes of gold in the open market. This represents the
remainder of the previously announced sale of 403 tonnes, of which 204 tonnes
has already been sold off market to central banks; including India who
purchased 200 tonnes in 2009. Early press speculation was that this would be
taken by China. The IMF reassured the market that the sales would be carried
out in a controlled fashion in order to avoid any disruptions to the gold
price.

Spot prices for bulk commodities, particularly iron ore and coking coal, remain
well above 2009 benchmark settlements, with Australian iron ore spot prices now
at a 103% premium to last year's benchmark. Heavy rains and infrastructure
constraints in Australia helped to tighten the Pacific Basin coal market and at
one point 51 ships were queuing to load coal at the port of Newcastle in
Australia. In addition positive rhetoric from the major iron ore and coking
coal producers further helped to buoy market expectations for benchmark pricing
in 2010.

In the energy market, equities gained 5.1% in February, with oil prices closing
a fraction below the US$80/Bbl level. Cold winter weather and heavy snow across
the US during February helped to push prices higher. The market also benefitted
as the economic outlook for the US - the world's largest oil consumer -
continued to improve. Meanwhile, recent data showed that Saudi Arabia's oil
exports to China have overtaken the levels exported to the US demonstrating
China's ever-growing importance to global energy markets. This shift in oil
consumption from west to east is an indicator of the change in geopolitical
power across the globe, as China has emerged from the global financial crisis
with a demand that requires energy security. This relationship has been swiftly
secured by Saudi Arabia, as they expect it will provide them with demand
security following the announcement that the US are looking to reduce their
dependence on foreign oil supplies.

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).

23 March 2010