Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 July 2014 and unaudited.

Performance at month end with net income reinvested

                  One   Three     Six   One  Three   Five
                Month  Months  Months  Year  Years  Years
Net asset value -0.4%    2.9%   12.7%  6.8% -10.9%  36.8%
Share price      0.1%    2.4%   14.7%  8.1% -10.4%  35.4%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:          111.63p
Net asset value - cum income*:           112.47p
Share price:                             115.00p
Premium to NAV (cum income):                2.2%
Net yield:                                  5.2%
Gearing - cum income:                       6.3%
Total assets^^:                          £120.4m
Ordinary shares in issue:            101,458,000
Gearing range (as a % of net assets):      0-20%
Ongoing charges**                           1.4%
 
*Includes net revenue of 0.84p.
^^includes current year revenue.
** calculated as a percentage of average net assets and using expenses,
excluding any interest costs and excluding taxation for the year ended 30
November 2013.

Sector                 % Total                  Country     % Total
Analysis                Assets                 Analysis      Assets
Integrated Oil            34.2                   Global        34.2
Diversified               17.4                   Canada        21.0
Exploration & Production  11.3                      USA        14.4
Copper                     8.5                   Europe        10.0 
Gold                       5.1            Latin America         8.7
Oil Sands                  5.0                     Asia         4.5
Oil Services               3.6                   Africa         4.0
Iron Ore                   3.4                Australia         2.1
Coal                       3.3                    China         1.9
Distribution               2.9  Net current liabilities        (0.8)
Nickel                     2.3                                -----
Silver                     1.8                                100.0
Uranium                    0.8                                =====
Diamonds                   0.5
Platinum                   0.4
Fertilizers                0.3
Net current liabilities   (0.8)
                         -----
                         100.0
                         =====

Ten Largest Equity Investments (in alphabetical order)

Company                Region of Risk

BHP Billiton                   Global
BP                             Global
Canadian Oil Sands             Global
Chevron                        Global
ConocoPhillips                    USA
Eni                            Europe
ExxonMobil                     Global
Freeport McMoran Copper & Gold   Asia
Royal Dutch Shell              Global
Statoil                        Europe

Commenting on the markets, Olivia Markham and Tom Holl, representing the
Investment Manager noted:

The month of July saw significant divergence in performance across the mining
and energy sectors, with the mining sector +6.2% (Euromoney Global Mining
Index), versus the energy sector -4.0% (MSCI World Energy Index), resulting in
a total return for the portfolio of -0.4% (with dividends reinvested). At the
end of July the Company's shares were trading at a 2.2% premium to their NAV,
with a 5.2% dividend yield.

In the mining sector, base metals continued to perform well, buoyed by Chinese
Government stimulus and the Chinese Manufacturing PMI reaching an 18-month high
(as measured by the HSBC China Manufacturing PMI). Zinc and aluminium rose by
7.4% and 6.6% respectively during the month. Both metals continued to see
meaningful inventory erosion, with aluminium experiencing the largest inventory
declines since mid-1995. The outlook for zinc prices looks positive with future
supply challenged by a number of mine closures over the coming years. The
portfolio primarily derives its zinc exposure via its holding in Glencore. The
iron ore price, which has waned over the first half of the year owing to a
surge in supply, recovered slightly in July, rising by 1.9%, helped by early
signs of a restocking cycle by steel mills.

Despite a number of supportive circumstances, the Brent oil price declined by
5.5% to US$105/bbl, with energy equities seeing some profit taking following a
strong first half of the year. America's GDP recovered impressively in the
second quarter of 2014. The economy grew at an annual rate of 4% compared with
a 2.1% contraction in the first quarter of the year. Corporate spending was
particularly strong and some 288,000 jobs were added to the economy in June.
These data releases, combined with strong PMI data from China, reinforce our
positive medium term view on the energy sector.

Following the tragic shooting down of a Malaysia Airlines jet, the European
Union and the United States have imposed new sanctions on Russia. The new
sanctions make it harder for Europeans and Americans to invest in Russian
state-owned banks, and prohibit the export of technology to its oil and defence
industries. Near term oil production is unlikely to be significantly affected
but the restricted access to technology combined with what could be a more
difficult financing environment could well impact future production capacity.
The portfolio holding in BP, which owns a 20% stake in Rosneft, detracted from
performance during the month.

Performance of the precious metals was weaker during the month with gold,
silver and platinum prices declining by 2.3%, 0.9% and 0.5% respectively. Gold
experienced some moderate `safe haven' interest, on the back of increasing
geo-political tension in the Israel-Gaza Strip conflict and the civilian plane
tragedy in Ukraine. However, this was outweighed by robust US economic data,
strong US dollar performance and the peak of the `summer lull' for gold
trading.

14 August 2014

ENDS

Latest information is available by typing www.blackrock.co.uk/brci 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.