Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 January 2010 and unaudited.

Performance at month end with net income reinvested

                          One    Three       Six       One      Since    
                        Month   Months    Months      Year     Launch*  
Net asset value         -5.2%     5.7%     16.2%     51.0%      45.8%             
Share price             -3.9%     5.2%     15.0%     47.7%      46.2%             

Sources: Datastream, BlackRock
* 13 December 2005

At month end                                                                   
Net asset value - capital only:                    119.13p                     
Net asset value - cum income**:                    119.64p                     
Share price:                                       122.25p                     
Premium to NAV (capital only):                        2.6%                     
Net yield:                                            4.5%                     
Gearing - cum income:                                  Nil                     
Revenue per share:                                   0.51p                     
Total assets:                                       £90.12m^                   
Ordinary shares in issue:                       75,325,662                     

**Includes net revenue of 0.51p.
^includes current year revenue.

                          % of Total                                 % of Total
Sector Analysis               Assets       Country Analysis              Assets
                                                                               
Integrated Oil                  29.6       USA                             20.6
Exploration & Production        15.8       Global                          19.0
Diversified                     14.8       Europe                          13.5
Copper                           5.4       Canada                          13.4
Oil Services                     5.0       Asia                            11.9
Iron Ore                         4.0       South Africa                     7.7
Coal                             3.4       Latin America                    6.7
Aluminium                        3.3       China                            1.8
Fertiliser                       3.1       Australia                        1.1
Gold                             2.6       Africa                           0.9
Platinum                         2.5       Current assets                   3.4
Nickel                           2.2                                      -----
Zinc                             2.0                                      100.0
Tin                              1.6                                      =====
Distribution                     1.3                                           
Current assets                   3.4                                           
                               -----                                           
                               100.0                                           
                               =====                                           

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

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

After making a good start to the month, the mining equity market subsequently
weakened. Concerns about Chinese demand - following news of the introduction of
a tighter monetary policy - and the stability of the Greek economy prompted
investors to take profits in the sector. The introduction of tighter controls
on the banking sector, as mooted by President Obama, did little to help an
already nervous market.

Copper prices touched a 17-month high of US$7,680/tonne at the beginning of the
month, as the miners at Codelco (the world's largest copper producer) went on
strike, fuelling concerns over the short term supply of the base metal.
However, the metal was unable to side-step the negative tone to commodity
markets in the latter part of the month. Within the bulk commodities
sub-sector, iron ore and coking coal spot prices are now significantly above
2009 benchmark prices. Iron ore and coking coal are the main constituents of
steel production and negotiations for the majority of long term contracts are
currently underway.

In the energy sector, the oil price surged to US$83/Bbl in early January in
response to extreme cold spells across the northern hemisphere and improving
investor sentiment. The subsequent pullback was driven by concerns over the
macro-economic environment and the strengthening US dollar. Natural gas prices
fell during the month following a rally at the end of 2009, as the cold weather
temporarily abated and storage levels remained high. The success of companies
engaged in shale gas fields has led to increased supply to the market which has
put further pressure on the gas price.

Exploration and production company Anadarko reported positive news during the
month. Its exploration at the Lucius sidetrack well in the Gulf of Mexico
proved to be extremely successful as an appraisal well discovered a large
volume of high quality oil pay, with additional gas condensate. This was better
than expected in size, quality and composition, as expectations were that this
would unveil a natural gas reservoir following a successful appraisal in
December on the first Lucius appraisal well. Success was also reported from
their West African explorations, offshore Ghana, as oil and gas condensate was
discovered this year at the Tweeneboa-2 appraisal well. This news was
positively received by the market. Anadarko is one of the Company's top 10
holdings.

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).

25 February 2010