Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 July 2012 and unaudited.

Performance at month end with net income reinvested

                        One    Three       Six      One    Three     Five
                      Month   Months    Months     Year    Years    Years
Net asset value        0.5%    -4.9%    -12.2%   -18.2%    25.7%     7.7%
Share price           -2.1%    -6.8%    -13.0%   -19.6%    21.5%    10.5%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:     114.31p
Net asset value - cum income**:     114.89p
Share price:                        114.75p
Discount to NAV (cum income):          0.1%
Net yield:                             5.1%
Gearing - cum income:                  3.3%
Total assets^^:                    £111.07m
Ordinary shares in issue:        93,508,000

**Includes net revenue of 0.58p.
^^includes current year revenue.

Sector                   % Total     Country                   % Total
Analysis              Cap Assets     Analysis               Cap Assets

Integrated Oil              26.1     Global                       27.8
Exploration & Production    18.1     Canada                       24.0
Diversified                 17.4     USA                          21.2 
Gold                         6.1     Asia                          7.2    
Copper                       5.9     Latin America                 6.8
Oil Services                 5.1     Europe                        5.9 
Iron Ore                     4.4     South Africa                  4.2
Oil Sands                    4.3     Australia                     1.5
Fertilizers                  3.3     China                         1.5
Coal                         2.6     Africa                        1.2
Distribution                 2.0     Current liabilities          (1.3)
Aluminium                    2.0                                 -----
Nickel                       1.5                                 100.0                               
Tin                          1.2                                 =====
Platinum                     0.7
Zinc                         0.6
Current liabilities         (1.3)
                           -----
                           100.0
                           =====

Ten Largest Equity Investments (in alphabetical order)

 

Company                      Region of Risk

Anadarko Petroleum              USA
BHP Billiton                    Global
Chevron                         Global
ExxonMobil                      Global
Kumba Iron Ore                  South Africa
Peyto Exploration & Development Canada         
Rio Tinto                       Global
Teck Resources                  Canada
Total                           Global
Vale                            Latin America

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

Equities began the month by trending lower but recovered later in the month
when ECB President Mario Draghi made some encouraging comments about support
for the Euro.  In China, interest rate cuts in both June and July may go some
way to easing the availability of credit.  Despite this, most metal commodities
trended lower over the period.  Weak steel prices continued to drag on
commodities involved in the production of steel.  Iron ore and coking coal both
came under pressure over the month.  Many commodities are currently trading
close to their marginal cost of production (including, nickel, zinc, aluminium,
iron ore and thermal coal).  This is providing support at current levels with
any further falls likely to trigger production cuts.  We have a preference for
those commodities that have a steeper cost curve allowing those producers
operating at the lower end or middle of the cost curve to generate strong
positive cash margins through all market cycles.  Iron ore is a good example of
this; the companies the portfolio has exposure to are producing at around
US$40-60/t yet the marginal cost producers are significantly above the current
price of US$116/t.  This is supportive of the strong margin that lower cost
producers are currently benefitting from.  The HSBC Global Mining Index closed
the month up 2.1% (in Sterling terms).

In the energy sector, the shares performed better with the MSCI World Energy
Index gaining 3.4% (in Sterling terms).  Brent crude rose back through the
US$100/Bbl level and finished the month at US$105.9/Bbl, a gain of 12.3%. 
Crude has recovered strongly since its recent low of US$88.5/Bbl.  Sanctions
are biting in Iran: production from the country fell to a 20-year low in June
of 3.2mbpd and European sanctions officially came into force on 1 July.  The
Iranian shortfall combined with firmer demand in the US courtesy of the advent
of the driving season and the anomalously high temperatures helped generate the
price momentum for crude.  Stifling temperatures have also had a marked effect
on the US natural gas price, which finished the month 16.8% higher.

13 August 2012

ENDS

Latest information is available by typing www.blackrock.co.uk/brci 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.