Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 July 2009 and unaudited.

Performance at month end with net income reinvested

                         One     Three       Six        One      Since    
                       Month    Months    Months       Year     Launch*  
                                                                               
Net asset value         8.1%     10.3%     29.9%     -23.6%      25.5%             
Share price             9.0%     10.2%     28.5%     -17.2%      27.1%             

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
                                                                               
Net asset value - capital only:                    104.40p                     
Net asset value - cum income**:                    105.36p                     
Share price:                                       108.75p                     
Premium to NAV (capital only):                       4.17%                     
Net yield:                                           5.03%                     
Gearing - cum income:                                2.69%                     
Revenue per share:                                   0.96p^                    
Total assets:                                      £81.02m^^                   
Ordinary shares in issue:                       74,825,662                     

**Includes net revenue of 0.96p.
^Revenue per share is stated after deduction of the first quarterly dividend of
1.35p which was paid on 24 April 2009 and the second quarterly
dividend of 1.35p which was paid on 24 July 2009.
^^includes current year revenue.

                                    % of Total                           % of Total
Sector Analysis                         Assets     Country Analysis          Assets
                                                                               
Integrated Oil                            24.3     Europe                      29.9
Diversified                               20.7     USA                         21.9
Exploration & Production                  14.7     Canada                      15.3
Copper                                     6.0     Asia                        11.5
Gold                                       5.4     Latin America                9.5
Oil Services                               5.2     South Africa                 3.5
Coal                                       4.1     China                        1.8
Fertilizers                                3.9     India                        1.7
Aluminium                                  3.5     Australia                    1.3
Nickel                                     2.5     Africa                       0.8
Platinum                                   2.5     Russia                       0.7
Tin                                        1.5     Current assets               2.1
Zinc                                       1.3                                -----
Distribution                               1.3                                100.0
Iron Ore                                   1.0                                =====
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                               
Eni                                       Europe                               
Freeport McMoran Copper & Gold            Asia                                 
Niko Resources                            Asia                                 
Rio Tinto                                 Global                               
StatoilHydro                              Europe                               
Total                                     Global                               
Vale                                      Latin America                        

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

Metal prices posted strong returns in July. The MG Base Metal Price Index
gained 12.2% (in US Dollar terms) with copper reaching its highest level since
October last year. The main driver of this performance was increasingly
positive sentiment towards the sector as a result of better than expected
second quarter company earnings. In addition, economic data out of the US was
supportive. Claims that US GDP showed signs of stabilisation in the second
quarter and that the housing market was recovering helped the view that the
pace of the US demand decline was meaningfully slowing. US steel utilisation
rates showed signs of improvement and car sales came in at an annualised rate
of approximately 11.2 million for the month, which was above expectations.
Chinese imports of copper, iron ore and coking coal all continued at high
levels during the month, pushing the spot prices of iron ore and coking coal to
levels significantly above benchmark prices. It was also worth noting that
Chinese auto sales were up around 63% in July (year-on-year). Goldman Sachs
upgraded their estimate of 2009 Chinese GDP to 9.4% (from 8.3%). Mining shares
finished the month up 12.6% (in Sterling terms).

July was a mixed month for the energy market, with investors struggling to
balance both bullish and bearish sentiment. The July International Energy
Agency report revised 2009 oil demand up slightly, supporting the view that
demand was stabilising, while Chinese auto sales were up around 63% in July
year-on-year. However, inventories continue to weigh on the market, with
storage of both oil and gas currently running at high levels. Oil prices fell
below the US$60/Bbl mid-month, but rallied to a close of US$69.5/Bbl. Energy
equities gained 3.5% (in Sterling terms).

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).

24 August 2009