Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 December 2009 and unaudited.

Performance at month end with net income reinvested

                         One    Three       Six       One      Since    
                       Month   Months    Months      Year     Launch*  
                                                                              
Net asset value         5.8%     8.5%     32.5%     52.4%      53.8%             
Share price             7.5%     9.3%     30.5%     61.2%      52.2%             

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
                                                                               
Net asset value - capital only:                    125.84p                     
Net asset value - cum income**:                    126.23p                     
Share price:                                       127.25p                     
Premium to NAV (capital only):                        1.1%                     
Net yield:                                            4.3%                     
Gearing - cum income:                                  Nil                     
Revenue per share:                                   0.39p^                    
Total assets:                                       £94.5m^^                   
Ordinary shares in issue:                       74,825,662                     

**Includes net revenue of 0.39p.
^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, the third quarterly dividend
of 1.35p which was paid on 23 October 2009 and the fourth quarterly dividend of
1.45p wich went ex-dividend on 30 December 2009 and will be paid on 29 January
2010.
^^includes current year revenue.

                          % of Total                                 % of Total
Sector Analysis               Assets       Country Analysis              Assets
                                                                               
Integrated Oil                  29.4       Global                          20.2
Diversified                     17.1       USA                             19.3
Exploration & Production        15.2       Canada                          14.0
Copper                           5.7       Europe                          12.8
Oil Services                     4.8       Asia                            12.2
Aluminium                        4.1       Latin America                    7.7
Coal                             3.7       South Africa                     7.7
Iron Ore                         3.6       China                            1.9
Fertiliser                       3.2       Australia                        1.3
Platinum                         2.5       Africa                           0.8
Gold                             2.2       Current assets                   2.1
Nickel                           2.1                                      -----
Zinc                             1.6                                      100.0
Tin                              1.5                                      =====
Distribution                     1.2                                           
Current assets                   2.1                                           
                               -----                                           
                               100.0                                           
                               =====                                           

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
BHP Billiton                              Global                               
BP                                        Global                               
Freeport McMoRan                          Asia                                 
Kumba Iron Ore                            South Africa                         
Niko Resources                            Asia                                 
Repsol                                    Europe                               
Rio Tinto                                 Global                               
Statoil                                   Europe                               
Total                                     Global                               
Vale                                      Latin America                        

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

Commodity markets had a strong finish to the calendar year. Copper prices rose
to a 15-month high following the announcement of some positive US economic data
and concerns about copper production in Chile, where workers at Chuquicamata
(the second largest copper mine in the world) have recently been threatening to
strike over pay. Iron ore was another strong performer over the month with spot
prices reaching a new high in mid December. The spot price of iron ore is
trading at a 75% premium to benchmark levels. Increased export tariffs on
Indian iron ore, infrastructure bottlenecks and Chinese mine closures have
contributed to driving prices higher. Mining shares gained 3.0% in December.

In energy markets, crude oil rose to close the month at US$79.4/Bbl. In
December OPEC met in Angola to discuss current oil production quotas. The
results from this meeting were unsurprising as they voted to maintain
production at current quota levels in an attempt to keep oil prices at around
the US$70-80/Bbl. Weather patterns also played their part during the month.
Following a relatively mild autumn, temperatures dropped and unusually cold
weather was experienced in both Europe, the US and parts of Asia. This was
beneficial for both oil and gas prices, as increased usage of these commodities
for heating over this period helped draw down inventories and futures prices
rose accordingly. Energy shares closed the month up 2.8%.

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 January 2009