Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 December 2008 and unaudited.

Performance at month end with net income reinvested

                          One    Three       Six       One      Since    
                        Month   Months    Months      Year     Launch*  
                                                                                
Net asset value         11.9%   -17.8%    -47.8%    -42.6%       2.6%              
                                                                                
Share price             16.6%   -23.1%    -48.5%    -43.4%      -5.6%             

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
                                                                               
Net asset value - capital only:                     85.58p                     
                                                                               
Net asset value - cum income**:                     87.21p                     
                                                                               
Share price:                                        83.00p                     
                                                                               
Premium to NAV (capital only):                       3.01%                     
                                                                               
Net yield:                                           6.51%                     
                                                                               
Gearing - cum income:                                 9.5%                     
                                                                               
Revenue per share:                                   1.63p^                    
                                                                               
Total assets:                                     £69.23m^^                    
                                                                               
Ordinary shares in issue:                       71,810,662#                    


# 500,000 shares were sold out of Treasury on 04/11/08 for a consideration of £
431,500.
**Includes net revenue of 1.63p.
^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, the third quarterly dividend of 1.3125p
which was paid on 24 October 2008 and the fourth quarterly dividend of 1.4625p
which will be paid on 20 January 2009.
^^includes current year revenue.

                                    % of Total                         % of Total
Sector Analysis                         Assets   Country Analysis          Assets
                                                                               
Integrated Oil                            27.9   Europe                      30.5
                                                                               
Diversified                               17.3   USA                         28.7
                                                                               
Exploration & Production                  15.0   Canada                      13.1
                                                                               
Gold                                       8.4   Latin Amercia                9.6
                                                                               
Copper                                     5.9   Asia                         9.3
                                                                               
Fertilizer                                 5.3   South Africa                 2.9
                                                                               
Oil Services                               5.3   Russia                       2.0
                                                                               
Aluminium                                  4.0   China                        1.3
                                                                               
Platinum                                   3.9   Australia                    1.2
                                                                               
Coal                                       2.3   India                        0.9
                                                                               
Nickel                                     1.7   Africa                       0.6
                                                                               
Distribution                               1.3   Current liabilities         (0.1)
                                                                               
Tin                                        1.2                              -----
                                                                               
Zinc                                       0.6                              100.0
                                                                               
Current liabilities                       (0.1)                             =====
                                                                               
                                         -----                                 
                                                                               
                                         100.0                                 
                                                                               
                                         =====                                 

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
Alcoa                                     USA                                  
                                                                               
Anadarko Petroleum                        USA                                  
                                                                               
BHP Billiton                              Global                               
                                                                               
BP                                        Global                               
                                                                               
Conocophillips                            USA                                  
                                                                               
Exxon Mobile                              Global                               
                                                                               
Rio Tinto                                 Global                               
                                                                               
StatoilHydro                              Europe                               
                                                                               
Total                                     Global                               
                                                                               
Vale                                      Latin America                        

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

After the steep equity market declines of previous months, December was a more
settled period for commodity equity markets. Energy shares and mining shares
gained 3.0% and 12.3% (in sterling terms) respectively. Commodities, however,
were weaker. In the energy market oil demand projections continue to be reduced
in both Western and emerging market economies. As demand has weakened,
inventories have increased (although they are still within the 5-year range);
this has also been exacerbated by the fact that the oil futures curve is in
contango, which rewards inventory building. Oil prices ended the month at
US$44.6/barrel, having traded at US$33/barrel at one point. Whilst demand
continues to be the focus of the market, the supply side of the equation is
becoming more interesting. In order to offset some of this weakness in demand,
OPEC announced additional production cuts. There are some signs that OPEC
members are adhering to the quotas and this may help to stabilise the market in
the short term. As prices have fallen below the marginal cost of production in
several instances, the industry has already started to self-correct by limiting
future supply through the cancellation of future exploration and development
projects by energy companies. With long term supply already significantly
constrained due to the declining production of ageing oil fields, the supply
problem has been compounded with lower prices causing additional project
delays, declining rig counts, and complete cancellations of new supply
projects. The probability of a rise in energy prices once demand stabilizes
appears to be increasing. In the mining sector, we continue to see an
aggressive supply response to the recent commodity price declines, with many
producers announcing further cuts to production. For example, it is estimated
that around 7% of the global supply of nickel has already been cut. Most
commodity spot prices remain significantly below long term incentive prices. We
are also beginning to see some corporate activity amongst some of the smaller
cap names with interesting assets.

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).

23 January 2009