Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 30 April 2013 and unaudited.

Performance at month end with net income reinvested

                                  One month       Since launch
                                                  (24 Oct 2012)

Net asset value                       -0.9%             +14.5%
Share price                           +0.0%             +15.4%
Russell 1000 Value Index              -1.0%             +19.2%

Source: BlackRock

At month end
Net asset value - capital only:              110.51p
Net asset value - cum income:                111.49p
Share price:                                 114.38p
Premium to cum income NAV:                      2.6%
Net yield*:                                     1.8%
Total assets including current year revenue:  £85.0m
Target yield**:                                 4.0%
Gearing:                                        0.0%
Options overwrite:                             16.2%
Ordinary shares in issue:                 76,175,000

During the month, the company issued 1,625,000 shares for proceeds of £1.83m

*based on dividends of 1p per share each declared on 14 February 2013 and
14 May 2013.

** based on issue price of 100p

Benchmark

Sector Analysis                     Total Assets (%)

Financials                                     19.4
Energy                                         14.2
Consumer Staples                               13.5
Industrials                                    12.7
Consumer Discretionary                          9.5
Health Care                                     8.4
Utilities                                       7.1
Materials                                       6.6
Information Technology                          4.7
Telecommunication Services                      3.9
Net current assets                              0.0
                                              ----- 
                                              100.0
                                              =====

Country Analysis                    Total Assets (%)

USA                                            89.8
Canada                                          3.9
Australia                                       1.7
Netherlands                                     1.5
France                                          1.4
United Kingdom                                  1.3
Peru                                            0.4
Net current assets                              0.0
                                              -----
                                              100.0
                                              =====

Ten Largest Investments (in alphabetical order)

Company                             Country of Risk

Chevron                                         USA
Comcast                                         USA
Exxon Mobil                                     USA
General Electric                                USA
Home Depot                                      USA
JP Morgan Chase                                 USA
Pfizer                                          USA
Philip Morris                                   USA
Verizon                                         USA
Wells Fargo                                     USA

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

Performance

For the one month period ended April 30, 2013 the Trust posted a -0.9% decline
in its NAV while the shares remained flat (all in sterling). The Trust's
benchmark, the Russell 1000 Value Index, returned -1.0%.

On a relative basis, the largest contributor to the Trust's performance during
the period was a combination of stock selection and an underweight to the
energy sector. Stock selection in the industrials and information technology
sectors also boosted relative returns, as did stock selection in consumer
staples, materials and telecommunication services.

Relative underperformance for the period came primarily from a combination of
stock selection and an underweight to the financials sector. A combination of
stock selection and an underweight to healthcare also hurt relative returns, as
did overweight positions in the industrials and materials sectors. Stock
selection in utilities and consumer discretionary also modestly detracted from
relative returns for the period.

Transactions/Gearing

Transactions: We eliminated several positions from the portfolio during the
month, including Canadian National Railway Co., National Bank of Canada, Time
Warner Cable Inc., Caterpillar Inc. and Rio Tinto PLC. Proceeds from the sale
of these securities were used to add to existing positions in Bristol-Myers
Squibb Co., Verizon Communications Inc., Merck & Co. Inc. and Comcast Corp.

As of April 30, 2013, the Company's options exposure is 16.2% and the delta of
the options is 90.6%.

Positioning

During the month we decreased our overweight to the industrials sector by
selling out of positions in Canadian National Railway Co. and Caterpillar Inc.
We also modestly reduced our materials overweight with the sale of Rio Tinto
PLC. Conversely, we increased our exposure to the healthcare and
telecommunication services sectors by adding to existing holdings such as
Bristol-Myers Squibb Co. and Merck & Co. Inc. (healthcare) and Verizon
Communications Inc. (telecom). The portfolio is currently overweight to the
consumer staples, industrials, materials, consumer discretionary and
telecommunication services sectors. We have a neutral weighting in utilities
and remain underweight to the financials, healthcare, information technology
and energy sectors.

17 May 

ENDS

Latest information is available by typing www.brna.co.uk 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.