Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 August 2008 and unaudited.

Performance at month end with net income reinvested

                         One     Three       Six      One      Since    
                       Month    Months    Months     Year     Launch*  
                                                                                
Net asset value         1.7%    -18.5%    -11.4%    17.6%       67.1%             
Share price             2.0%    -22.4%    -14.8%    18.8%       56.5%             

Sources: Datastream, BlackRock

At month end                                                                   
Net asset value - capital only:                    146.02p                     
Net asset value - cum income**:                    148.68p                     
Share price:                                       141.75p                     
Discount to NAV (capital only):                     -2.92%                     
Net yield:                                           3.97%                     
Gearing:                                            11.18%                     
Revenue per share:                                   2.66p^                    
Total assets (capital only):                      £118.53m^^                   
Ordinary shares in issue:                       70,810,662                     

**Includes net revenue of 2.66p.
^Revenue per share is stated after deduction of the first quarterly dividend of
1.3125p which was paid on 25 April 2008 and the second quarterly dividend of
1.3125p which was paid on 25 July 2008.
^^includes current year revenue.

                                    % of Total                       % of Total
Sector Analysis                         Assets Country Analysis          Assets
                                                                               
Integrated Oil                            24.9 Global                      23.1
Diversified                               18.9 USA                         20.9
Exploration & Production                  15.8 Europe                      15.6
Aluminium                                  8.1 Asia                        10.9
Oil Services                               5.8 Canada                       8.7
Gold                                       5.5 Latin America                6.4
Platinum                                   4.0 South Africa                 4.5
Coal                                       3.5 Australia                    4.2
Nickel                                     3.1 China                        2.8
Copper                                     2.4 Russia                       1.7
Iron Ore                                   1.5 Africa                       0.8
Fertilizer                                 1.4 Current assets               0.4
Agriculture                                1.4                            -----
Tin                                        1.1                            100.0
Zinc                                       0.9                            =====
Distribution                               0.8                                 
Mineral                                    0.5                                 
Current assets                             0.4                                 
                                         -----                                 
                                         100.0                                 
                                         =====                                 

Ten Largest Equity Investments (in alphabetical order)                         
Company                                   Region of Risk                       
                                                                               
Alcoa                                     USA                                  
BHP Billiton                              Global                               
BP                                        Global                               
Chevron                                   Global                               
Eni                                       Europe                               
Occidental Petroleum                      USA                                  
Rio Tinto                                 Global                               
StatoilHydro                              Europe                               
Total                                     Global                               
Vale                                      Latin America                        

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

The month was once again dominated by negative sentiment towards the
commodities sector. In the metal markets, equities fell 2.4%. The moves have
been driven by fears of a global recession coupled with a slowdown in China.
Although China will see some slow down, it is worth pointing out that GDP
growth is likely to remain strong (9% real GDP Growth in 2009 according to IMF
consensus). This is bullish for commodity prices. In equity news, Rio Tinto and
BHP Billiton announced strong results during the month and indicated that they
see continued strength from China that should keep commodity prices well
supported going forward. It was also interesting to note that Xstrata made a
bid for Lonmin (a platinum miner not held in the portfolio). This is again
indicative that companies continue to look to M&A as a method of growing
production and resources. The transaction also highlights that the companies
themselves think they are attractive at current market valuations. Energy
shares closed the month up 6.8%. Oil lost -6.9% (WTI) and the gas price
declined by -10.9% (Henry Hub). Fears over the health of the global economy, a
slight upturn in production from Saudi Arabia and a downturn in US gasoline
consumption all worried the market over the month. The potential for Hurricane
Gustav to disrupt production in the Gulf of Mexico provided a slight rally but
this proved short lived as the storm subsided with little damage inflicted.

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 September 2008