Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 31 October 2012 and unaudited.

Performance at month end with net income reinvested

                                     Since launch
                                     (24 Oct 2012)

Net asset value                             +0.3%
Share price                                 +2.5%
Russell 1000 Value Index (total return)     -1.0%

Source: BlackRock


At month end

Net asset value - capital only:                    98.42p
Net asset value - cum income:                      98.56p
Share price:                                      102.50p
Premium to cum income NAV:                           4.0%
Net yield:                                            n/a
Total assets including current year revenue:      £70.49m
Gearing:                                            10.0%
Ordinary shares in issue:                      65,000,000

Benchmark
Sector Analysis       Total Assets (%)

Financials                        16.4
Industrials                       14.3
Energy                            12.8
Consumer Staples                  12.3
Consumer Discretionary             9.9
Utilities                          8.2
Health Care                        7.3
Materials                          6.7
Telecommunication Services         5.6
Information Technology             4.5
Net current assets                 2.0
                                 -----
                                 100.0
                                 =====

Country Analysis      Total Assets (%)

USA                               84.3
Canada                             6.4
United Kingdom                     2.2
Australia                          1.9
France                             1.4
Netherlands                        1.4
Peru                               0.4
Net current assets                 2.0
                                 -----
                                 100.0
                                 =====

Ten Largest Investments (in alphabetical order)
Company                            Country of Risk

ACE                                      USA
BHP Billiton                       Australia
Chevron                                  USA
Exxon Mobil                              USA
Home Depot                               USA
IBM                                      USA
JP MorganChase                           USA
Pfizer                                   USA
Philip Morris                            USA
Wells Fargo                              USA


Bob Shearer and Kathleen Anderson, representing the Investment Manager, noted:
 
Performance

For the period from 24 October 2012 (inception of the Company) to 31 October
2012 the Company posted a 0.3% increase in its NAV while the shares appreciated
by 2.5% (all in sterling terms), while the Company's benchmark, the Russell
1000 Value Index, returned -1.0%. 

Positive contributions to performance during the period came mostly from
stronger stock selection within the information technology sector, followed by
underweight positions in both health care and financials. While these sectors
are important from a dividend perspective, it is likely too early to close the
underweights given the structural headwinds and underlying regulatory pressures
that remain. The Company also generated relative performance through stronger
stock selection in the telecommunications sector during the period.

Weaker areas of relative performance came from stock selection in both
financials and consumer discretionary, where not owning higher beta stocks hurt
marginally during the shortened period. Overweight positions in both materials
and telecoms also weighed on relative returns.

Positioning

The US economy continues to muddle through despite persistent economic stresses
in Europe and the looming US fiscal cliff.  In aggregate, US corporations have
been reporting mildly softer earnings for the quarter and tempered guidance
through the end of the year.  This is not unexpected given the uncertainty of
an election year in the US and changes set to take place associated with the
cliff - including changes to tax policy, government spending and debt
structure.  On the positive side, corporate profits remain robust, balance
sheets strong, and the economy is expanding, albeit slowly.  The US housing
market continues to show signs of improvement and emerging market growth,
although cooling in some regions, continues to be a tailwind for US companies.

In the face of all these uncertainties, we believe that dividends will continue
to grow.  We have seen a large commitment from management teams given the need
for income in the US, an aging population, and lack of available yield
elsewhere. We will continue to focus on companies that have the safety and
relative stability of US equity markets, but that are growing overseas and
expanding into emerging markets. In our view, these companies represent the
best opportunity set in the current environment. Although we are cautious
coming into year-end, we are increasingly optimistic about the potential for
mega-cap performance in the near future as money continues to find its way back
into US equities.

22 November 2012

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.