Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 June 2008 and unaudited.

Performance at month end with net income reinvested

                     One        Three        Six      One      Since
                     Month     Months     Months     Year     Launch
                                                                             
Net asset value      -4.1%      12.4%      10.0%    33.3%      96.7%                   
                                                                              
Share price          -9.1%       8.6%      10.0%    35.8%      83.3%                   

Company launched on 13 December 2005.

Sources: Datastream, BlackRock

At month end                                                                   
                                                                               
Net asset value - capital only:                173.24p                         
                                                                               
Net asset value - cum income*:                 175.03p                         
                                                                               
Share price:                                   166.00p                         
                                                                               
Premium to NAV (capital only):                    4.2%                         
                                                                               
Net yield:                                        3.4%                         
                                                                               
Gearing:                                          7.7%                         
                                                                               
Revenue per share:                               1.79p**                       
                                                                               
Total assets:                                  £134.0m^                         
                                                                               
Ordinary shares in issue:                   70,810,662                         
(excluding 4,789,338 Treasury shares)                                          
                                                                               
* Includes net revenue of 1.79p.                                               
                                                                               
** Revenue per share is stated after deduction of the first interim dividend of
1.3125p which was paid on 25 April 2008 and the second interim dividend of     
1.3125p which was paid on 25 July 2008.                                        
                                                                               
^ Includes current year revenue.                                               

Sector Analysis               % of Total   Country Analysis            % of Total
                                  Assets                                   Assets
                                                                               
Integrated Oil                      23.9   Global                            20.8
                                                                               
Diversified                         18.3   USA                               18.8
                                                                               
Exploration & Production            15.1   Europe                            17.6
                                                                               
Oil Services                         6.4   Asia                              12.3
                                                                               
Aluminium                            6.3   Latin America                      8.3
                                                                               
Gold                                 5.6   Canada                             9.6
                                                                               
Platinum                             4.6   Australia                          4.5
                                                                               
Nickel                               4.4   South Africa                       3.6
                                                                               
Copper                               4.1   China                              2.5
                                                                                
Coal                                 3.8   Russia                             1.7
                                                                               
Zinc                                 1.5   Africa                             0.7
                                                                               
Fertilizer                           1.4   Current liabilities              (0.5)
                                                                               
Agriculture                          1.3                                   ------
                                                                               
Tin                                  1.1   Total                            100.0
                                                                               
Distribution                         0.7                                       
                                                                               
Uranium                              0.6                                       
                                                                               
Refining & Marketing                 0.5                                       
                                                                               
Mineral Sands                        0.5                                       
                                                                               
Diamond                              0.3                                       
                                                                               
Current liabilities                (0.5)                                       
                                                                               
Total                              100.0                                       

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Co Company                                Region of Risk                       
                                                                               
Alcoa                                     USA                                  
                                                                               
BHP Billiton                              Global                               
                                                                               
Chevron                                   Global                               
                                                                               
Eni                                       Europe                               
                                                                               
Eramet                                    Europe                               
                                                                               
Impala Platinum                           South Africa                         
                                                                               
Rio Tinto                                 Global                               
                                                                               
StatoilHydro                              Europe                               
                                                                               
Total                                     Global                               
                                                                               
Vale                                      Latin America                        

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

Global equity markets were weak during June and this had a direct effect on the
performance of the mining sector over the month. While there has been little
change in the structural tightness in commodity fundamentals, the performance
of commodity related equities is disappointing relative to the commodity
prices. The equity market weakness arose as a result of continued fears over
the health of the global economy, heightened inflation and a weaker US Dollar.
In the energy market, the oil price continued to dominate the headlines,
gaining 9.9% over the month and marking a new high above US$145/bbl (WTI). This
oil price is being driven by a variety of factors including tight fundamentals,
low inventories, a weak US dollar and increased geopolitical tension. During
the month, a conference for the major oil market stakeholders was held in Saudi
Arabia which resulted in a relatively modest 200,000 bpd increase supply.
Although this added more supply to the market, the oil price was resilient to
any weakness as some of the other factors, such as increased Iran / Israel
tension (risking Iran's oil supply), outweighed this move. On the demand side,
China raised its oil product prices which may actually facilitate further oil
imports into China as it allows refiners to increase margins.

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).

6 August 2008


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