Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 December 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        1.2%     0.1%      6.1%    -2.1%     8.3%    -6.9%
Share price           -2.7%    -0.8%      3.1%    -0.5%     6.9%    -2.4%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:     118.03p
Net asset value - cum income**:     118.25p
Share price:                        117.88p
Discount to NAV (cum income):          0.3%
Net yield:                             5.0%
Gearing - cum income:                  3.3%
Total assets^^:                     £115.3m
Ordinary shares in issue:        94,258,000

**Includes net revenue of 0.22p.
^^includes current year revenue.

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

Integrated Oil              31.6     Global                       34.2
Diversified                 19.3     Canada                       20.9
Exploration & Production    14.1     USA                          17.9                   
Copper                       9.9     Latin America                10.5    
Gold                         5.7     Asia                          6.3
Oil Services                 4.5     Europe                        6.1 
Oil Sands                    4.0     South Africa                  1.8
Iron Ore                     2.9     China                         1.7
Aluminium                    2.0     Australia                     1.6
Distribution                 1.9     Africa                        1.1
Coal                         1.7     Russia                        0.2
Tin                          1.3     Current liabilities          (2.3)
Nickel                       1.0                                 -----
Fertilizer                   0.9                                 100.0
Platinum                     0.8                                 =====
Zinc                         0.7
Current liabilities         (2.3)
                           -----
                           100.0
                           =====

Ten Largest Equity Investments (in alphabetical order)

Company                      Region of Risk

Anadarko Petroleum              USA
BHP Billiton                    Global
Chevron                         Global
ENI                             Europe
ExxonMobil                      Global
Freeport-McMoran                Asia
Peyto Exploration & Development Canada         
Rio Tinto                       Global
Southern Copper                 Latin America
Total                           Global

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

Positive economic data from China bolstered commodity markets during the
month.  The HSBC PMI rose to 50.9, a 14-month high, while power consumption
rose by 7.6% (year-on-year).  This positive momentum was offset by concerns
over the looming US fiscal cliff and the potential ramifications of the US
economy slipping back into recession.

In energy markets the discount between WTI and Brent crude narrowed slightly
over the period.  WTI appreciated by 3.7% while Brent declined by 0.6%. Over
the same period the US benchmark for natural gas, Henry Hub, declined by 1.6%. 
Reports from the OPEC meeting in Vienna suggested that while the cartel is
cognisant of the headwinds facing the global economy, it believes that current
production levels of 30.0mb/d should be maintained. 

Anadarko, the E&P company, announced an agreement with ENI with respect to
developing the natural gas reservoirs off-shore Mozambique.   Both companies
have agreed to coordinate the development of their assets and jointly plan and
build onshore liquefaction facilities in Northern Mozambique, ready to produce
LNG cargoes by 2018.  Anadarko currently have an estimated 30 trillion cubic
feet of recoverable gas resources in the Rovuma basin.  This development
derisks these assets and provides investors with a timeline on their
development.  In other news oil super major Chevron announced the acquisition
of a 50% interest in the Kitimat LNG project, the proposed Pacific Trail
pipeline and oil and gas rights in British Columbia, Canada.  The Kitimat LNG
terminal, once completed, will provide gas producers operating in Western
Canada with access to international markets.  Chevron will partner with Apache
to develop these projects and will be responsible for the operatorship of both
the pipeline and LNG terminal providing industry experience to this project.

In the mining sector, commodity returns were mixed during the month.  Among the
base metals, copper declined by 0.9%, nickel was down 3.4%, but tin appreciated
by 6.9%.  Iron ore was the stand out performer. Spot Chinese iron ore prices
(63.5% Fe) surged nearly 30% from the end of November to early January,
reaching US$154/tonne, according to data from CLSA. Iron ore had suffered a
dramatic fall in September on the back of weak steel prices in China and
destocking at steel mills. A turnaround in the stocking cycle has apparently
catalysed the rebound.

Investors have been calling for rigorous capital discipline from the mining
industry and the sector began to respond in 2012. Vale, the Brazilian mining
giant, released its 2013 capital expenditure plans in December and addressed
this theme. The plans envisaged a fall in expenditure from US$17.5bn in 2012 to
US$16.3bn but also contained some telling rhetoric - the company stated that
its focus had shifted away from the 'marginal volume to the capital efficient
volume'. A keen focus on profitability and efficiency rather than simply
expanding production will be critical in determining mining company valuations
in our view.

The copper industry has seen a flurry of M&A activity, highlighting the value
the industry is placing on high quality copper assets. Freeport McMoran Copper
& Gold, however, disappointed the market in December by announcing its
intention to acquire Plains Exploration and Production and McMoran Exploration,
thus diversifying its asset base into oil and gas.  Post completion of the
deal, one third of the enterprise value of the combined entity would be from
energy assets.  Freeport's marked departure from recent corporate strategy
prompted a sharp sell-off in the stock.

All data sourced from Datastream and quoted in US Dollars unless otherwise
stated.

15 January 2013

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.