Portfolio Update

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 29 February 2008 and unaudited.
Performance at month end with net income reinvested

                      One    Three     Six    One    Since
                    Month   Months  Months   Year   Launch*
Net asset value     15.6%     9.1%   32.7%  60.8%    88.6%                   
Share price         19.4%    14.4%   39.5%  68.8%    83.8%                   
*Launched on 13 December 2005.

Sources: Datastream, BlackRock

At month end                                                                   
Net asset value - capital only:       168.93p                                  
Net asset value - cum income:         170.49p                                  
Share price:                          169.25p                                  
Premium to NAV (capital only):        0.2%                                     
Net yield:                            3.1%                                     
Gearing:                              8.9%                                     
Revenue per share:                    1.56p                                    
Total assets:                         £129.0m                                  
Ordinary shares in issue:             69,610,662                               
(excluding 5,989,338 Treasury shares)                                                    
                                                                               

Sector Analysis           % of Total     Country Analysis            % of Total
                              Assets                                     Assets
                                                                               
Integrated Oil                  22.4     Global                            20.5
Diversified                     18.3     USA                               17.0
Exploration & Production        13.3     Europe                            12.9
Copper                           7.6     Asia                              12.0
Aluminium                        6.3     Latin America                      9.6
Gold                             6.0     Canada                             8.7
Nickel                           5.2     Australia                          5.6
Platinum                         5.0     China                              4.3
Coal                             4.6     South Africa                       3.9
Oil Services                     3.8     Russia                             1.9
Zinc                             2.0     Africa                             1.8
Tin                              1.1     Current assets                     1.8     
Uranium                          0.7                                      -----
Refining & Marketing             0.7     Total                            100.0
Distribution                     0.6                                       
Diamond                          0.3                                       
Mineral Sands                    0.3                                       
Current assets                   1.8                                            
                               -----                                       
Total                          100.0                                       


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


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

February was a much better month for commodity markets, after their falls in
January. In the energy market, oil prices peaked at US$103/Bbl (WTI). This
strength was driven by falling US crude oil inventories as colder weather in
many parts of the US drove heating oil demand, as well as US dollar weakness
and a bullish supply-demand picture emerging for 2008. OPEC took the decision
not to increase production quotas at their early March meeting, despite calls
that they do so in order to close the projected supply shortage. International
coal and gas prices rallied on supply disruptions in Australia, South Africa
and China, coupled with robust Asian demand. In the mining sector, negotiations
regarding the annual price for iron ore settled on a 65% price increase for the
2008 contractual year. Continuing power shortages in South Africa resulted in a
rally in precious metals prices, with platinum in particular making strong
gains. In equity news, BHP Billiton made its formal offer for Rio Tinto,
raising the level to 3.4 shares per Rio Tinto share.

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).

28 March 2008