Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 December 2014 and unaudited.

Performance at month end with net income reinvested

                   One    Three      Six     One   Three    File
                 Month   Months   Months    Year   Years   Years
Net asset value  -2.7%   -13.6%   -19.7%  -12.2%  -18.5%   -10.0%
Share price      -8.1%   -13.8%   -19.7%  -14.5%  -15.6%    -9.3%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:           87.27p
Net asset value - cum income*:            87.93p
Share price:                              89.38p
Premium to NAV (cum income):                1.6%
Net yield:                                  6.7%
Gearing - cum income:                       1.6%
Total assets^^:                           £92.5m
Ordinary shares in issue:            105,158,000
Gearing range (as a % of net assets):      0-20%
Ongoing charges**                           1.4%

*Includes net revenue of 0.66p.
^^includes current year revenue.
** calculated as a percentage of average net assets and using expenses,
excluding any interest costs and excluding taxation for the year ended 30
November 2013.

Sector                   % Total      Country             % Total
Analysis                  Assets      Analysis             Assets
Integrated Oil            33.8        Global               36.2
Diversified               20.4        Canada               18.7
Exploration & Production  12.5        USA                  18.0
Gold                      6.9         Europe                9.4 
Copper                    6.4         Latin America         7.0
Distribution              5.4         Asia                  5.1
Nickel                    3.2         Africa                2.9
Oil Sands                 3.1         China                 2.7
Silver                    2.8         Australia             1.6
Coal                      2.7         Current Liabilities  (1.6)
Oil Services              2.3                             -----
Iron Ore                  1.2                             100.0 
Diamonds                  0.6                             =====
Fertilizers               0.3
Current liabilities      (1.6)
                        -----
                        100.0
                        =====

Ten Largest Equity Investments (in % of Total Assetsorder)

                                                     % Total
Company              Region of Risk                  Assets

Chevron              Global                          6.6
ExxonMobil           Global                          6.5
Enbridge Income      Canada                          5.4
Rio Tinto            Global                          5.3
Royal Dutch Shell    Global                          4.9
Glencore             Global                          4.4
BHP Billiton         Global                          4.3
ConocoPhillips       USA                             3.6
Eni                  Europe                          3.4
Total                Global                          3.1

Commenting on the markets, Olivia Markham and Tom Holl, representing the
Investment Manager noted:

Compared to the commodities, the mining and energy sectors proved relatively
resilient during December. Across the commodity complex the Brent oil price
plummeted by 22.2% to US$55.8/bbl, the lowest level since 2009, representing a
49.4% decline for the year. The best metals, whilst faring better, also fell
across the board, with copper, zinc, nickel and aluminium down by 0.7%, 2.1%,
7.1% and 10.1% respectively. Iron ore was a bright spot amidst the bulk
commodities as it increased by 2.0%, with precious metals finishing the month
broadly flat. In light of these commodity price moves the portfolio held up
relatively well delivering a total return of -2.7% (with income reinvested). As
at the end of December the Company's shares were trading at a 1.6% premium to
the NAV, with a net dividend yield of 6.7%.

During the month, the International Energy Agency cut its estimate for 2015
global oil demand growth by 230kb/d, which, combined with soft economic data
reports from Europe and China, put further pressure on the oil price. Warmer
than usual weather during December contributed to the sharp decline in the
Henry Hub natural gas price which fell by 29.5% over the month, finishing
slightly below US$3/mmbtu.

Given the recent falls in mining and energy equity values, dividend yield for
both sectors looks attractive, with several of the portfolio's largest
holdings, including Royal Dutch Shell and BHP Billiton, currently trading on a
dividend yield of 5.5% and 5.4% respectively. The portfolio is currently
trading at a net dividend yield of 6.7%, one of the highest levels since
inception. However, given recent commodity price falls, we would expect certain
companies to reassess the quantum of their dividends for 2015. We continue to
expect the major integrated oil producers and diversified miners to be able
to maintain marginal increases in their 2015 dividend payments.

During the month we further reduced the portfolio's energy exposure exiting
some E&P holdings, the proceeds were used to reduce gearing, as well as
increase our holding in Rio Tinto, given the company's recent positive comments
confirming a materially higher cash return for shareholders during 2015.

20 January 2015

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.