Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 30 November 2012 and unaudited.

Performance at month end with net income reinvested

                               One       Since launch
                             month       (24 Oct 2012)
Net asset value              +0.4%              +0.7%
Share price                  +0.0%              +2.5%
Russell 1000 Value Index     +0.5%              -0.5%

Source: BlackRock           

At month end
Net asset value - capital only:                    98.26p
Net asset value - cum income:                      98.91p
Share price:                                      102.50p
Premium to cum income NAV:                           3.6%
Net yield:                                            n/a
Total assets including current year revenue:      £70.64m
Gearing:                                             7.4%
Ordinary shares in issue:                      66,500,000

During the month, the company issued 1,500,000 shares for proceeds of £1.52m.

Benchmark
Sector Analysis       Total Assets (%)

Financials                        16.3
Industrials                       14.4
Energy                            12.6
Consumer Staples                  12.5
Consumer Discretionary            10.2
Utilities                          7.9
Health Care                        7.2
Materials                          6.7
Telecommunication Services         5.6
Information Technology             4.3
Net current assets                 2.3
                                 -----
                                 100.0
                                 =====
                              
Country Analysis     Total Assets (%)

USA                              83.9
Canada                            6.5
United Kingdom                    2.2
Australia                         1.9
France                            1.4
Netherlands                       1.4
Peru                              0.4
Net current assets                2.3
                                -----
                                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
JPMorgan Chase                     USA
Pfizer                             USA
Philip Morris                      USA
Wells Fargo                        USA
 
Bob Shearer and Kathleen Anderson, representing the Investment Manager, noted:

Performance

For the month ended 30 November 2012, the Company posted a 0.4% increase in its
NAV while the share price returned 0.0% (all in sterling terms) while the
Company's benchmark, the Russell 1000 Value Index, returned 0.5%. 

Positive contributions to performance during the period came mainly from
stronger stock selection within the energy sector.  A combination of stock
selection and an overweight to consumer staples also added to returns, as did
positive stock selection in financials and consumer discretionary.  An
underweight position in financials, as well as an overweight to consumer
discretionary, also benefited the Company's returns during the period.

Relative underperformance for the period came primarily from stock selection in
the information technology sector.  Conviction holdings such as International
Business Machines (-1.3%), Microsoft Corp (-5.4%) and Intel Corp (-8.1%) each
negatively impacted returns for the month.  Stock selection in industrials and
health care also detracted from returns, as did an overweight to the utilities
sector.

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
associated with the U.S. fiscal 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.

13 December 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.