Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 28 February 2013 and unaudited.

Performance at month end with net income reinvested

                               One month    Since launch
                                            (24 Oct 2012)

Net asset value                    +5.3%          +12.5%
Share price                        +2.4%          +11.9%
Russell 1000 Value Index           +6.0%          +15.8%

Source: BlackRock

At month end

Net asset value - capital only:              109.11p
Net asset value - cum income:                109.55p
Share price:                                 110.88p
Premium to cum income NAV:                      1.2%
Net yield:                                      0.9%
Total assets including current year revenue: £77.36m
Gearing:                                         nil
Ordinary shares in issue:                 70,600,000

During the month, the company issued 550,000 shares for gross proceeds of £0.61m.

The Company declared a first quarterly interim dividend of 1p per share on
14 February 2013 in respect of the year ending 31 October 2013.

Benchmark

Sector Analysis                      Total Assets (%)

Financials                                      19.4
Industrials                                     15.5
Energy                                          14.3
Consumer Staples                                12.9
Consumer Discretionary                           9.7
Health Care                                      7.7
Materials                                        7.6
Utilities                                        6.6
Information Technology                           4.5
Telecommunication Services                       3.5
Net current assets                              (1.7)
                                                ----- 
                                                100.0
                                                =====

Country Analysis                     Total Assets (%)

USA                                             88.1
Canada                                           6.4
Australia                                        2.0
United Kingdom                                   1.9
Netherlands                                      1.5
France                                           1.4
Peru                                             0.4
Net current assets                              (1.7)
                                                -----
                                                100.0
                                                =====

Ten Largest Investments (in alphabetical order)

Company                               Country of Risk

BHP Billiton                                Australia
Chevron                                           USA
Comcast                                           USA
Exxon Mobil                                       USA
General Electric                                  USA
Home Depot                                        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 one month period ended 28 February 2013, the Company posted a 5.3%
increase in its NAV while the shares appreciated by 2.4% (all in sterling)
while the Company's benchmark, the Russell 1000 Value Index, returned 6.0%.

The Company generated positive returns in 10 out of 10 GICS sectors during the
month. On a relative basis, the Company benefited from an overweight to the
industrials and consumer staples sectors. Underweight positions in health care
and energy also proved beneficial to monthly performance. Lastly, stock
selection in consumer discretionary added to relative returns for the period.

Relative underperformance for the period came primarily from stock selection,
with industrials being the largest detractor from monthly returns. Stock
selection in information technology, telecommunication services and financials
also hurt relative performance.

Positioning

During the month, we increased our financials exposure by adding to our
position in SunTrust Banks Inc. We also increased exposure to the energy sector
by initiating a position in Newmont Mining and adding to existing positions in
Marathon Petroleum, Marathon Oil and Kinder Morgan. Conversely, we reduced our
exposure to telecommunication services by selling out of positions in
CenturyLink and Vodafone Group. Benchmark relative sector weightings remain
largely unchanged from the prior month; however, we have moved from an
overweight position in telecoms to a neutral weight relative to the Russell
1000 Value Index.

The Company is currently overweight to industrials, consumer staples, materials
and consumer discretionary. We have a neutral weighting in utilities and
telecommunication services. We remain significantly underweight to financials
as well as underweight to the health care, information technology and energy
sectors.

13 March 2013

Latest information is available by typing www..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.