Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 30 September 2008 and unaudited.

Performance at month end with net income reinvested

                           One     Three       Six       One      Since    
                         Month    Months    Months      Year     Launch*  
                                                                                
Net asset value         -25.3%    -36.5%    -28.7%    -24.9%      24.8%             
Share price             -21.5%    -33.0%    -27.2%    -22.6%      22.8%             

Sources: Datastream, BlackRock
*13 December 2005

At month end                                                                   
                                                                               
Net asset value - capital only:                    107.86p                     
Net asset value - cum income**:                    109.88p                     
Share price:                                       110.00p                     
Premium to NAV (capital only):                       1.98%                     
Net yield:                                           5.28%                     
Gearing (capital only):                             15.35%                     
Revenue per share:                                   2.02p^                    
Total assets (capital only):                       £91.92m^^                   
Ordinary shares in issue:                       70,810,662                     


**Includes net revenue of 2.02p.
^Revenue per share is stated after deduction of the first quarterly dividend of
1.3125p which was paid on 25 April 2008, the second quarterly dividend of
1.3125p which was paid on 25 July 2008 and the third quarterly dividend of 1.3125p 
which will be paid on 24 October 2008.
^^includes current year revenue.

                                    % of Total                          % of Total
Sector Analysis                         Assets    Country Analysis          Assets
                                                                               
Integrated Oil                            25.9    Europe                      32.6
Diversified                               18.9    USA                         28.0
Exploration & Production                  14.3    Canada                      11.3
Aluminium                                  6.8    Asia                         9.1
Gold                                       6.4    Latin Amercia                6.6
Oil Services                               6.0    South Africa                 4.0
Platinum                                   3.5    Australia                    3.0
Agriculture                                3.0    Russia                       1.7
Nickel                                     3.0    Africa                       1.0
Coal                                       2.8    China                        0.9
Copper                                     2.2    India                        0.9
Fertilizer                                 2.1    Current assets               0.9
Iron Ore                                   1.4                               -----
Tin                                        1.2                               100.0
Distribution                               0.9                               =====
Zinc                                       0.7                                 
Current assets                             0.9                                 
                                         -----                                 
                                         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:

September was another dismal month for the commodities sector. Following poor
returns in July and August, the September quarter was one of the worst for
commodity markets in 50 years. Uncertainties in the banking system together
with fears that global growth (and thus demand for commodities) would be
hampered drove the price of commodities and commodity equities sharply lower.
In the mining sector, the copper price fell 14.5% (in US Dollar terms) and the
aluminium price was down 10.7%. The one area of strength was the gold price,
which rose US$40/oz to US$878/oz on strong demand as a hedge against market
uncertainty. In the energy sector, oil prices fell back by US$15/barrel to
close the month fractionally above the US$100/barrel level. Mining and energy
equities fell 28.1% and 13.5% respectively (in sterling terms). While the
economic outlook for 2009 has obviously deteriorated in recent months, equity
valuations have now fallen to extremely low levels that are clearly discounting
quite a bleak scenario going forward. Some of the major mining and energy
companies are now trading on 2009 PE multiples as low as 5 times.


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).

22 October 2008