Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST PLC

All information is at 30 November 2013 and unaudited.

Performance at month end with net income reinvested

                        One     Three    Six       Since
                        Month   months   months    launch
(24Oct2012)  
Net asset value          0.7%     2.8%     0.0%     17.9%
Share price              2.4%     2.5%     0.3%     19.4%
Russell 1000 Value Index 0.8%     3.9%     2.3%     28.4%

Source: BlackRock

At month end
Net asset value - capital only:              111.31p
Net asset value - cum income:                111.79p
Share price:                                 115.25p
Premium to cum income NAV:                      3.1%
Net yield*:                                     3.5%
Total assets including current year revenue: £111.4m
Target yield**:                                4.00%
Gearing:                                        0.4%
Options overwrite:                            17.47%
Ordinary shares in issue:                 99,611,305

During the month, the company has issued 250,000 shares for proceeds of £0.3m

*based on dividends of 1p per share each declared on 14 February 2013, 14 May
2013, 6 August 2013 and 3 October 2013

** based on issue price of 100p

Sector Analysis            Total Assets (%)
Financials                 21.9
Industrials                14.5
Energy                     13.7
Consumer Staples           11.5
Consumer Discretionary      9.4
Health Care                 9.2
Materials                   6.9
Utilities                   5.7
Information Technology      5.3
Telecommunication Services  3.4
Net current liabilities    -1.5
                           ----- 
                          100.0
                          =====

Country Analysis Total Assets (%)
USA                         93.4
Canada                       2.6
Australia                    1.6
France                       1.5
United Kingdom               1.3
Netherlands                  0.9
Peru                         0.2
Net current liabilities     -1.5
                           -----
                           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
JPMorgan Chase        USA
Merck                 USA
Pfizer                USA
Prudential Financial  USA
Wells Fargo           USA

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

Performance

For the month ended 30 November 2013, the Company posted a 0.7% increase in its
NAV while the share price increased by 2.4% (all in sterling). The Company's
benchmark, the Russell 1000 Value Index, returned 0.8% for the period.

On a relative basis, the largest contributor to the Company's performance was
stock selection in the financials sector. Top performers included Prudential
Financial, Inc. and JPMorgan Chase & Co. Stock selection in the consumer
discretionary and industrials sectors also added to relative returns, as did
stock selection in utilities and telecommunication services.

The largest detractor from relative performance was stock selection in the
consumer staples sector, particularly in the tobacco industry. A combination of
stock selection and an underweight to the health care sector also hurt relative
returns, as did our overweight to the materials sector. Lastly, an underweight
to financials modestly detracted from relative returns.

Transactions/Options

Transactions: During the month, we increased our weighting to General Electric
Company and reduced our weighting to Unilever NV. This was the only notable
transaction in the period.

As at 30 November 2013, the Company's options exposure was 17.47% and the delta
of the options was 91.15%.

Positioning

The Company is currently overweight to the consumer staples, industrials,
materials, consumer discretionary and telecommunication services sectors. We
are underweight to the financials, health care, information technology energy
and utilities sectors.

20 December 2013

ENDS

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