Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 October 2009 and unaudited.

Performance at month end with net income reinvested

                          One    Three       Six       One      Since    
                        Month   Months    Months      Year     Launch*  
                                                                               
Net asset value         -2.8%     9.9%     21.2%     48.2%      37.9%             
Share price             -0.2%     9.3%     20.5%     54.6%      38.9%             

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
                                                                               
Net asset value - capital only:                    113.50p                     
Net asset value - cum income**:                    114.45p                     
Share price:                                       117.50p                     
Premium to NAV (capital only):                       3.52%                     
Net yield:                                           4.69%                     
Gearing - cum income:                                3.07%                     
Revenue per share:                                   0.95p^                    
Total assets:                                      £88.35m^^                   
Ordinary shares in issue:                       74,825,662                     

**Includes net revenue of 0.95p.
^Revenue per share is stated after deduction of the first quarterly dividend of
1.35p which was paid on 24 April 2009, the second quarterly
dividend of 1.35p which was paid on 24 July 2009 and the third quarterly
dividend of 1.35p which was paid on 23 October 2009.
^^includes current year revenue.

                          % of Total                                 % of Total
Sector Analysis               Assets       Country Analysis              Assets
                                                                               
Integrated Oil                  22.7       Europe                          25.3
Diversified                     16.7       USA                             22.4
Exploration & Production        16.0       Canada                          14.9
Copper                           5.7       Asia                            11.7
Gold                             5.3       Latin America                    9.5
Oil Services                     4.9       South Africa                     8.8
Energy                           3.9       China                            1.9
Coal                             3.8       Australia                        1.3
Fertiliser                       3.6       Russia                           0.8
Aluminium                        3.4       Africa                           0.8
Iron Ore                         2.8       India                            0.5
Nickel                           2.4       Current assets                   2.1
Platinum                         2.1                                      -----
Tin                              1.7                                      100.0
Zinc                             1.6                                      =====
Distribution                     1.3                                           
Current assets                   2.1                                           
                               -----                                           
                               100.0                                           
                               =====                                           

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
Anadarko Petroleum                        USA                                  
BHP Billiton                              Global                               
BP                                        Global                               
Freeport McMoRan Copper & Gold            Asia                                 
Niko Resources                            Asia                                 
Rio Tinto                                 Global                               
Sasol                                     South Africa                         
StatoilHydro                              Europe                               
Total                                     Global                               
Vale                                      Latin America                        

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

Mining and energy shares made modest US Dollar gains in October. However, given
the weakness in the US Dollar, the shares fell in sterling terms. Commodities
exhibited generally positive moves throughout October on better Chinese and US
economic data. In the energy sector, oil prices strengthened over the course of
the month, gaining 9.1% to end at US$77/Bbl (WTI) whilst natural gas prices
made strong gains of around 22.8% to end at US$4.15/MCF (Henry Hub). The
October International Energy Agency's (IEA) monthly Oil Market Report revised
up their estimate of 2009 oil demand by 200,000 barrels per day (bpd), and
their 2010 number by 350,000bpd, on the back of more optimistic economic data.
The report also highlighted that, although still at high levels, oil storage
inventories do appear to be declining. The IEA estimate that OECD industry
stocks declined by around 3.9 million barrels in August (although remaining
2.8% above last year's levels). The erosion of oil inventories is a key
indicator of a tighter oil market.

Metals and minerals also rallied throughout October on the Chinese and US
economic data and record iron ore imports into China. Against this background,
copper gained 7.1% and aluminium gained 2.8% (LME). Copper was also given a
boost during the month as BHP Billiton announced that Olympic Dam, a copper
mine in Australia, is expected to continue running at 25% of ore-haulage
capacity (following an incident involving a runaway skip in its Clark shaft)
until full output resumes in the first quarter of next year. The incident is
expected to result in the loss of around 70,000 tonnes of copper and 1,500
tonnes of uranium production.

Precious metals in particular, continued to feel support from financial
interest and gold finished 4.4% up as the prospect of inflation continued to
concern investors. Gold continued to dominate headlines during the month,
pushing through US$1,000/oz and ending the month at US$1,046/oz as investors
continued to fret about the US Dollar and inflation. In early November,
gold pushed above US$1,100/oz following the announcement that the IMF had sold
200 tonnes of gold to the Reserve Bank of India. The country now becomes the
tenth-largest holder of the metal and the fourth largest holder in the
developing world (behind China, Russia and Taiwan). Even with this purchase,
India's gold represents less than 10% of its total reserves. Earlier this year
the IMF had earmarked sales of 403 tonnes of gold, which were to be part of the
CBGA (Central Bank Gold Agreement). The announcement was a surprise to the
market, which had postulated that China could be a potential buyer, and fuelled
speculation that other central banks with large US Dollar exposure may
diversify into hard assets such as gold. Indeed, Sri Lanka also subsequently
admitted to making gold purchases in the past six months.

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).

30 November 2009