Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 April 2008 and unaudited.

Performance at month end with net income reinvested

                     One        Three      Six        One          Since
                     Month      Months     Months     Year         Launch*
                                                                              
Net asset            10.2%      18.2%      6.5%       45.7%        92.9%                   
value                                                                         
                                                                              
Share price          13.3%      24.2%      12.3%      56.5%        91.2%                   



Sources: Datastream, BlackRock

At month end                                                                   
                                                                               
Net asset value - capital only:       171.73p                                  
                                                                               
Net asset value - cum income:         172.92p                                  
                                                                               
Share price:                          174.50p                                  
                                                                               
Premium to NAV (capital only):        1.6%                                     
                                                                               
Net yield:                            3.1%                                     
                                                                               
Gearing:                              6.0%                                     
                                                                               
Revenue per share:                    1.19p*                                   
                                                                               
Total assets:                         £129.34m                                 
                                                                               
Ordinary shares in issue:             70,810,662                               
                                                                               
(excluding 4,789,338 Treasury shares)                                          
                                                                               
* Revenue per share is stated after deduction of the first interim dividend of 
1.3125p which was paid on 25 April 2008.                                       

Sector Analysis               % of Total Country Analysis            % of Total
                                  Assets                                 Assets
                                                                               
Integrated Oil                      23.7 Global                            21.0
                                                                               
Diversified                         19.2 USA                               17.2
                                                                               
Exploration & Production            13.1 Europe                            16.3
                                                                               
Aluminium                            6.1 Asia                              12.3
                                                                               
Nickel                               5.3 Canada                             8.4
                                                                               
Gold                                 5.2 Latin America                      8.1
                                                                               
Platinum                             4.9 Australia                          5.3
                                                                               
Oil Services                         4.9 South Africa                       3.7
                                                                               
Copper                               4.4 China                              3.2
                                                                               
Coal                                 4.2 Russia                             1.8
                                                                               
Zinc                                 4.0 UK                                 1.4
                                                                               
Tin                                  1.2 Africa                             0.8     
                                                                               
Agriculture                          1.0 Current assets                     0.5
                                                                               
Refining & Marketing                 0.6                                 ------
                                                                               
Distribution                         0.6 Total                            100.0
                                                                               
Mineral Sands                        0.4                                       
                                                                               
Uranium                              0.4                                       
                                                                               
Diamond                              0.3                                            
                                                                               
Current assets                       0.5                                       
                                                                               
Total                              100.0                                       

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

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

In the energy market, the oil price exhibited further strength during the
month, peaking above US$120/Bbl (West Texas). A senior Russian oil executive
commented that Russian oil production had peaked at around 10 million barrels
per day. This raised concerns about future oil production levels, since Russia
has been the engine of non-OPEC oil supply growth in the past few years.
Meanwhile, positive economic data form the US, together with news that China is
increasing its refining capacity (and therefore oil imports) ahead of the
Beijing Olympic Games firmed up the oil demand story. Energy equities finished
the month up 12.6%. In the mining market, copper prices were stronger in
response to news of a strike by workers at Codelco in Chile, the world's
biggest copper producer. As we move into the bi-annual wage negotiations season
in the Latin American region we may see further disruptions going forward.
Elsewhere, gold continued its recent slide, falling back below the US$900/oz
level to a close of US$870/oz, as investors took profits and the US Dollar
strengthened. Mining equities gained 8.3% on the month.

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 May 2008