Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 May 2008 and unaudited.

Performance at month end with net income reinvested
 
                   One     Three        Six        One       Since
                 Month    Months     Months       Year      Launch
                                                                               
Net asset value   6.3%      8.8%      18.6%      43.1%      105.1%                   
                                                                               
Share price       5.4%      9.7%      25.5%      53.4%      101.6%                   

Company launched on 13 December 2005.
Sources: Datastream, BlackRock

At month end                                                                   
                                                                               
Net asset value - capital only:                181.29p                         
Net asset value - cum income*:                 183.90p                          
Share price:                                   184.00p                         
Premium to NAV (capital only):                    1.5%                         
Net yield:                                        3.0%                         
Gearing:                                          7.0%                         
Revenue per share:                               2.61p**                       
Total assets:                                 £140.04m^                         
Ordinary shares in issue:                   70,810,662                         
(excluding 4,789,338 Treasury shares)                                          
                                                                               
* Includes net revenue of 2.61p.                                               
                                                                               
** Revenue per share is stated after deduction of the first interim dividend of
1.3125p which was paid on 25 April 2008.                                       
                                                                               
^ Includes current year revenue.                                               

Sector Analysis               % of Total Country Analysis            % of Total
                                  Assets                                 Assets
                                                                               
Integrated Oil                      23.9 Global                            20.4
Diversified                         17.2 Europe                            18.7
Exploration & Production            14.2 USA                               16.6
Aluminium                            7.0 Asia                              10.9
Oil Services                         6.1 Latin America                      8.9
Gold                                 4.9 Canada                             8.7
Platinum                             4.8 Australia                          6.7
Nickel                               4.5 South Africa                       3.7
Copper                               4.1 China                              2.6
Coal                                 4.1 Russia                             1.6
Zinc                                 4.0 Africa                             0.7
Tin                                  1.2 Current assets                     0.5
Agriculture                          1.0                                 ------
Refining & Marketing                 0.6 Total                            100.0
Distribution                         0.6                                       
Uranium                              0.6                                       
Mineral Sands                        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                               
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:

In the energy market, the oil price had a strong month, peaking above US$130/
Bbl (WTI). The move came despite Saudi Arabia announcing an increase in supply
of around 300,000 Bbl per day. This strength in the oil price is being
primarily driven by a combination of supply concerns, low inventories and the
onset of the summer driving season in the US. Base metals traded higher early
in the month before falling back on a stronger US dollar and market fears over
weaker than expected demand. Sadly, a severe earthquake that struck China
during the month caused considerable loss of life. This earthquake knocked out
some commodity production, notably in zinc smelting facilities, providing some
support to prices. Commodity equities performed well in May. The HSBC Global
Mining Index and the MSCI World Energy Index were up 5.4% and 5.6%
respectively.

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).

25 June 2008