Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 28 February 2011 and unaudited.

                       One    Three       Six       One    Three       Five     
                     Month   Months    Months      Year    Years      Years    
Net asset value       2.1%    12.8%     33.1%     27.7%     6.1%      93.2%    
Share price           2.8%    11.9%     34.5%     35.3%     8.7%      85.0%    

Sources: DataStream, BlackRock

At month end                                                                   
Net asset value - capital only:                    154.80p                     
Net asset value - cum income**:                    155.71p                     
Share price:                                       158.50p                     
Premium to NAV (capital only):                        2.4%                     
Net Yield:                                            3.5%                     
Gearing - cum income:                                 2.8%                     
Total assets^:                                    £145.03m                   
Ordinary shares in issue:                       90,508,000                     

**includes net revenue of 0.91p.
^includes current year revenue.

                          % of Total                                 % of Total
Sector Analysis               Assets       Country Analysis              Assets
                                                                               
Integrated Oil                  29.1       Global                          20.9
Exploration & Production        14.7       USA                             20.3
Diversified                     14.6       Canada                          16.6
Copper                           8.9       Europe                          12.8
Coal                             6.5       Asia                             9.6
Oil Services                     4.6       Latin America                    7.5
Iron Ore                         3.8       Australia                        5.3
Aluminium                        3.6       South Africa                     5.3
Fertiliser                       3.2       Africa                           1.4
Gold                             2.9       China                            1.3
Nickel                           2.1       Russia                           0.7
Zinc                             1.9       Current liabilities            (1.7)
Tin                              1.9                                      -----
Distribution                     1.5                                      100.0
Platinum                         1.5                                      =====
Oil Sands                        0.9                                           
Current liabilities            (1.7)                                           
                               -----                                           
                               100.0                                           
                               =====                                           

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
Anadarko Petroleum                        USA                                  
BHP Billiton                              Global      
Coal & Allied Industries                  Australia                          
ExxonMobil                                Global                               
Freeport McMoRan                          Asia                                 
Kumba Iron Ore                            South Africa                         
Occidental Petroleum                      USA                                  
Rio Tinto                                 Global                               
Southern Copper                           Latin America
Total                                     Global

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

Oil prices (West Texas Intermediate) rose to US$97/Bbl in February, a US$ gain
of more than 5%. The spread between WTI and Brent spot prices increased to
US$16/Bbl as high inventories and weak demand at Cushing (the delivery point
for WTI oil) continued to constrain the US oil price. Growing political
instability in the Middle East and North Africa over the past month has been a
key contributor to the rising oil price. The unrest in Egypt had only a limited
impact on the oil market as the country is not a net exporter of oil. Libya, on
the other hand, is a member of OPEC and produced 1.6 mb/d in January, around
1.8% of global supply. In February, Libyan oil production was reduced by around
1 mb/d. Other OPEC countries, predominantly Saudi Arabia, increased their
production to offset the lost production in Libya. Political stability in Saudi
Arabia itself has been front and centre of oil traders' thoughts during the
ongoing crisis because of its tremendous importance to oil markets. Although
there have been sporadic protests in the east of the country, there have been
no signs of large scale popular protests against the Saudi monarchy emerging.

Towards the end of the month, US regulators approved the first deepwater
drilling permit in the Gulf of Mexico since the Macondo oil spill in April
2010. It is expected that further permits may be awarded over the coming months
which will be positive for both operators in the region and oil service
companies. Energy equities gained 4.6% (in Sterling terms) in February.

In the mining sector, commodity prices generally performed well, with copper
prices reaching a new high above the US$10,000/t level. Tin enjoyed notable
price strength as evidence of supply side constraints for the commodity became
more apparent. The world's largest integrated tin miner, PT Timah, based in
Indonesia, announced during the month that its tin production fell by 10% in
2010. Gold prices closed the month back above US$1,400/oz as it recovered the
losses made in January.

In Australia, the heavy rains and flooding in Queensland have largely subsided,
but the supply chain is not yet back to full capacity operation so the short
term support for coal prices remains in place. Elsewhere in the bulk
commodities space, iron ore continued to see upward pricing pressure. Demand is
robust and an export tax in India has compounded the supply-side constraints.
It is speculated that prices for the second quarter will be around A$170/t for
Australian iron ore, excluding freight costs, which would be 40-45% higher than
prices achieved in the second quarter of 2010. Mining shares closed the month
up 2.3% (in Sterling terms).

BHP Billiton dominated equity news in February. The world's largest miner has
commenced a US$10bn share buy back program split between its Australian and UK
listed shares. The company also acquired shale gas assets in Fayetteville,
central Arkansas, from Chesapeake Energy for US$4.75bn in a deal that will make
BHP the second largest acreage holder in the area. BHP's corporate activity has
been enabled by the cash generation the company is able to achieve at current
commodity prices.

18 March 2011

ENDS

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). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.