Half-yearly Report

BlackRock North American Income Trust plc Half yearly results announcement to 30 April 2014 Performance record Financial Highlights Attributable to ordinary shareholders 30 31 Change April October % 2014 2013 Assets Net assets (£'000)* 112,313 111,289 +0.9 Net asset value per ordinary share 111.91p 112.00p -0.1 - with income reinvested +1.7 Ordinary share price (mid-market) 109.75p 112.50p -2.4 - with income reinvested -1.5 For For Change the the % six period months ended ended 30 30 April April 2013** 2014 Revenue Net profit after taxation (£'000) 2,113 1,457 +45.0 Earnings per ordinary share 2.11p 2.09p +1.0 * The change in net assets reflects market movements in the period and proceeds from the issue of a further 1,000,000 ordinary shares. ** For the period since launch on 24 October 2012. Chairman's statement for the six months to 30 April 2014 Overview Following the strong performance of U.S. markets in 2013, a sudden shift in market sentiment towards the end of January this year prompted a setback. The apparent loss of economic momentum in the U.S. was largely attributable to the severe weather which induced a winter slowdown, as well as lacklustre consumer spending. Internationally, economic data from China continued to disappoint. At the same time, escalating tensions in Crimea and Eastern Ukraine unsettled investors. Despite this, markets appeared to have stabilised with stocks edging towards record highs supported by better economic data, stronger U.S. earnings and increased M&A activity. Performance For the six month period ended 30 April 2014, the Company's net asset value ("NAV") returned +1.7% compared with a return of +4.3% in the Russell 1000 Value Index. The Company's share price returned -1.5% over the same period, as the shares moved from a premium to a small discount to NAV (all figures in sterling terms with income reinvested). Although the NAV return was positive, it is disappointing that the focus on dividend-paying quality stocks has not been reflected in a better relative performance over the six months. Additionally, the strength of sterling negatively impacted returns for UK based investors. Both these factors could well reverse in coming months. The Board does not believe that it would be sensible at this stage either to alter the fundamental investment strategy which has served the Investment Manager well over the long term, or to hedge the dollar exposure back into sterling. Since the period end, the Company's NAV has increased by 2.4% and the share price has risen by 0.7% (in sterling with income reinvested). Earnings and dividends Revenue earnings per share for the six months ended 30 April 2014 amounted to 2.11p (period to 30 April 2013: 2.09p). The target for the financial year ending 31 October 2014 is to pay dividends amounting to 4.00p per share which represents a yield of 3.6% based on the share price as at close of business on 31 October 2013. Our ability to achieve this target will depend on the level of income generated by the portfolio and the target should not be interpreted as a profit forecast. The first quarterly dividend of 1.00p per share was paid on 2 April 2014 and the second quarterly dividend of 1.00p per share will be paid on 2 July 2014 to shareholders on the register on 23 May 2014. Share issues During the six months the Company issued a further 1,000,000 shares at a premium to their NAV. Since the launch of the Company in October 2012, the Company has allotted a further 35,361,305 shares and there are now 100,361,305 shares in issue. Tender offer The Directors announced on 14 May 2014 that they had decided not to implement a semi-annual tender offer in July 2014 as the average discount during the period was below the level at which the tender would apply. It was therefore not in the interests of shareholders to operate the tender on this occasion. Alternative Investment Fund Managers' Directive ("AIFMD") BlackRock Fund Managers Limited will be appointed as the Company's Alternative Investment Fund Manager ("AIFM") on or about 1 July 2014 having been authorised as an AIFM by the Financial Conduct Authority ("FCA") on 1 May 2014. The terms agreed with the AIFM will enable the Board to continue to act independently of the AIFM. The new Investment Management Agreement terms also strike the appropriate balance between the Board's control over the Company, its investment policies and compliance with the regulatory obligations. The Board has taken independent advice from Dickson Minto W.S. on the consequences for the Company of the AIFMD. Facilitating retail investments The Company currently conducts its affairs so that its shares can be recommended by independent financial advisers to retail investors in accordance with the FCA rules in relation to non-mainstream investment products and intends to do so for the foreseeable future. The shares are excluded from the FCA's restrictions which apply to non-mainstream investment products because they are shares in an investment trust. Outlook Recent data has confirmed that the U.S. economy has shaken off the winter slowdown and the overall outlook is improving. Strong corporate balance sheets, firmer manufacturing output, resilient housing market activity, alongside a slight acceleration in job growth, all point to an improving picture. Equity market volatility has remained well below average over the period under review, with easy monetary conditions counteracting the growing geopolitical risks. If global interest rates were to increase unexpectedly, levels of higher volatility are likely. However, equities continue to offer reasonable value and we remain confident that dividend growth stocks should be relatively well placed should interest rates begin to rise. Simon Miller 12 June 2014 Interim management report and responsibility statement The Chairman's Statement and the Investment Manager's Report give details of the important events which have occurred during the period and their impact on the financial statements. Principal risks and uncertainties The principal risks faced by the Company can be divided into various areas as follows: Performance; Income/dividend; Regulatory; Operational; Market; Financial; and Gearing. The Board reported on the principal risks and uncertainties faced by the Company in the Annual Report and Financial Statements for the period ended 31 October 2013. A detailed explanation can be found in the Strategic Report on pages 15 and 16 and in note 15 on pages 47 to 52 of the Annual Report and Financial Statements which are available on the website maintained by the Investment Manager, BlackRock Investment Management (UK) Limited, at blackrock.co.uk/brna. In the view of the Board, there have not been any changes to the fundamental nature of these risks since the previous report and these principal risks and uncertainties are equally applicable to the remaining six months of the financial year as they were to the six months under review. Related party disclosure and transactions with Investment Manager The Investment Manager is regarded under the Listing Rules as a related party and details of the management and marketing fees payable are set out in note 3 and note 9. The related party transactions with the Directors are set out in note 8. Going concern The Directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future and is financially sound. For this reason, they continue to adopt the going concern basis in preparing the financial statements. The Company has a portfolio of liquid investments which are considered to be readily realisable and is able to meet all of its liabilities from its assets and income generated from these assets. Directors' responsibility statement The Disclosure and Transparency Rules ("DTR") of the UK Listing Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Interim Management Report and Financial Statements. The Directors confirm to the best of their knowledge that: * the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with applicable UK Accounting Standards and the Accounting Standards Board's Statement 'Half Yearly Financial Reports'; and * the Interim Management Report, together with the Chairman's Statement and Investment Manager's Report, include a fair review of the information required by 4.2.7R and 4.2.8R of the FCA's Disclosure and Transparency Rules. This half yearly financial report has been reviewed by the Company's auditor. The half yearly financial report was approved by the Board on 12 June 2014 and the above responsibility statement was signed on its behalf by the Chairman. Simon Miller For and on behalf of the Board 12 June 2014 Investment manager's report Market Overview For the six month period ended 30 April 2014, U.S. large cap stocks, as represented by the S&P 500® Index, advanced by 8.3% (in U.S. dollar terms). The U.S. market posted a +5.6% return between October and December of last year, before volatility increased in the first four months of 2014, with a sharp January downturn, a strong rebound in February, range-bound weekly swings through the month of March and a +0.8% return to round out April. Despite the recent upticks, the level of absolute volatility has still been below historical norms. With accommodative monetary policies from the U.S. Federal Reserve continuing to provide support for financial markets in a modest growth environment, we anticipate that broadly higher levels of volatility, rising interest rates and discussions about the prospect of inflation will continue to permeate the investment landscape. As such, we expect that large cap, high quality companies within the U.S. will benefit from this shift in the market, given their strong balance sheets, higher levels of available cash and relatively defensive characteristics. Portfolio Overview The largest contributor to relative performance during the past six months was stock selection within the consumer discretionary sector, particularly non-index positions VF Corporation and Comcast, which both posted strong returns during the period. Selection in industrials, especially within the defence industry, also aided performance and a broad underweight to financials also helped to bolster relative returns. The largest detractor from performance was stock selection in consumer staples, where non-index holdings Philip Morris, Diageo, Lorillard and Coca-Cola all posted weaker returns during the period. Stock selection in the health care, telecommunication services and information technology sectors detracted from relative performance, as did an overweight position in consumer discretionary and an underweight position in information technology. The portfolio's overall allocations are slightly more pro-cyclical in terms of sector-level exposures as we begin to see more opportunities in the current stage of the economic recovery. During the period, we continued to add broadly to our weighting in the financials sector, particularly to companies like Morgan Stanley, CME Group and Bank of America. We also added to industrials, purchasing holdings in both Lockheed Martin and CSX. At the same time, we reduced our allocations to the defensive utilities, telecommunication services and consumer staples sectors, selling holdings such as AT&T, Lorillard, PSE&G and Edison International. Below is a comprehensive overview of our allocations at the end of the period. Industrials - 4.3% overweight (14.5% of portfolio) Over the long term, a growing middle class in emerging markets will demand a higher quantity and quality of food and we favour industrial names with the willingness and ability to enter these markets ahead of population surges. Currently, the portfolio is overweight in the aerospace and defence industry, where many of the companies have been less impacted by government austerity measures than previously thought and have benefited from the strong tailwind of a slowly growing domestic economy. Materials - 3.4% overweight (6.3% of portfolio) Our exposure to the materials sector is based on the premise that infrastructure development and spending will continue to be a critical part of the investment landscape, both domestically and abroad. As global demand for metals and raw materials continues to grow, we believe that recent weakness in commodity prices will subside and long term supply/demand imbalances in emerging markets will become more evident. Ultimately, we believe that companies with higher quality and diverse assets in geographies close to developing markets will be able to reap the benefits of high barriers to entry within local industries and deliver stronger topline growth. Consumer Discretionary - 3.2% overweight (9.6% of portfolio) The balance sheet for U.S. consumers is improving, aided by a recovering domestic housing market, recent robust equity returns, and mildly stronger jobs growth. Despite stagnant wage growth, these factors have generated an increase in consumer confidence, which currently rests near five year highs. We have a preference for less-cyclical companies not exclusively dependent on the ebb and flow of the purchasing power and sentiment of the U.S. consumer. We believe consumers will continue to spend cautiously in the near term, with an improving economic backdrop ultimately proving to be a tailwind for the sector. Consumer Staples - 3.0% overweight (8.9% of portfolio) In consumer staples, we are attracted to the sector's recurring purchase theme, solid brand leadership and stable earnings growth potential. We believe there is ample room for additional cost cutting, which may ultimately provide an opportunity for accelerating earnings growth and multiple expansion within the sector. We continue to like companies in the space who are supplying essential goods into emerging market regions and believe the current slowdown in the emerging markets is cyclical and not a secular issue. Telecommunication Services - 0.5% underweight (2.0% of portfolio) Within telecoms, our allocation remains concentrated in diversified telecommunication bellwethers such as Verizon Communications. Wireless operations continue to drive revenue in the sector and the proliferation of data-heavy smartphones should help certain companies in the sector to strengthen margins. Service bundling has led to stickier consumers, better earnings visibility and less customer churn, all of which are positives for the industry. Overall, this sector should offer relatively high yields and opportunity for steady, longer term growth. Energy - 1.0% underweight (14.2% of portfolio) We believe long term fundamentals remain positive as global energy demand continues to increase in emerging economies. This is especially evident in some of the fastest growing countries, such as India and China, where per capita consumption has grown significantly in recent years. Within the sector, we favour oil-weighted companies over those levered to natural gas and the large-cap integrated oil and independent oil & gas producers due to their diverse revenue streams, balance sheet strength and robust dividend profiles. Strong competitive positioning, operating specialisation and pricing power at the industry level remain most desirable from an investment perspective. Utilities - 1.2% underweight (5.1% of portfolio) Our exposure to utilities has been dominated primarily by regulated names, given their durable dividend profiles and resilience in slow growth environments. From a fundamental standpoint, we believe the sector is increasingly bifurcated in terms of the differences between strong and weak companies. As such, we are focused on owning firms with clear plans for future growth that are trading at attractive valuations. We also prefer to invest in firms that are not entirely dependent on demand and are in a unique position to focus on strategic capital expenditures. We believe these factors will be increasingly important given slowing demand and declining electricity usage rates across the industry. Information Technology - 2.2% underweight (6.8% of portfolio) Typically, the industry has changed so frequently that there has been little incentive for firms to return value to shareholders via dividends, but we see this evolving given higher absolute levels of cash flow, stronger business models and less income variability among industry titans and relative newcomers alike. Where applicable, we continue to look for exposure to big data, analytics and cloud computing, as these areas may gain from incremental spending in the future. Health Care - 3.9% underweight (9.4% of portfolio) While our stance on health care has characteristically been cautious due to our wariness of the sector's longer term growth prospects, we see this changing over the next few years as companies focus on efficiencies and begin to benefit from the volume increases evident under the Affordable Care Act. We are finding investment opportunities among the diversified pharmaceutical manufacturers, while avoiding more volatile areas of the sector, including hospitals, prone to perennial cost overruns. While regulatory burdens and high government intervention in the sector should elicit caution, we are growing more positive about the sector in the current environment. Financials - 5.1% underweight (23.2% of portfolio) Financials represent our strategy's largest absolute sector allocation and we maintain exposure in four key areas: U.S. diversified banks, insurance companies, regional banks and Canadian financial institutions. Recent new additions to the portfolio include Morgan Stanley and CME Group. We remain overweight to the insurers, as the potential for higher interest rates and continued loan growth is a positive backdrop for the industry. Overall, we are positive on the sector's dividend profile and anticipate additional dividend increases as companies continue to meet and exceed regulatory capital requirements. POSITIONING AND Outlook After an exceptionally strong 2013 for U.S. markets, recent months have been underscored by an increase in volatility and mixed signals in key economic indicators. On the international side, an emerging market credit scare caused a sell-off and geopolitical tensions escalated with Russia, putting additional pressure on global and multinational equities. At the same time, U.S. companies guided lower on earnings and raised questions about the state of the consumer given weaker volumes during the quarter. Severe weather in the U.S. also muddied the waters, making it harder to discern true weakness from the impact of winter storms. All of these events, however, are taking place within the reaches of an economic recovery where broader data has improved substantially. For this reason, we are optimistic on the ability of corporations to continue to generate cash, especially in the mega-cap space, where many firms are well positioned to thrive in a slower growth environment. This could lead to companies exceeding (slightly lower) earnings expectations, setting the stage for stronger markets later in the year. For the time being, we expect dividend growth to be an important consideration for investors and remain attentive to overall volatility, rising rates, valuation, market correlations and inflation. Our largest absolute allocations remain in the financials, industrials, energy and health care sectors, with smaller exposures to telecommunication services, utilities, materials and information technology. During the last quarter, we added to U.S. financial companies, select technology names and industrial holdings. We also eliminated positions within telecommunication services, utilities and consumer staples, where valuations have become more stretched in recent months. The portfolio remains positioned in high quality stocks, with a special emphasis on affording relative protection and growth of income. Bob Shearer and Kathleen Anderson BlackRock Investment Management, LLC 12 June 2014 Ten largest investments 30 April 2014 Wells Fargo - 3.6% (2013: 3.2%) is a U.S. diversified bank with over U.S.$1 trillion in assets. Wells boasts a strong and stable management team, led by CEO John Stumpf, who has been with the firm for nearly 30 years. Wells Fargo is an industry leader in cross-selling financial products and services, which has built deep customer relationships and added to the bank's pricing and earnings power. JPMorgan Chase - 3.3% (2013: 3.1%) is a U.S. based diversified financial company with over U.S.$2 trillion in assets and operations in dozens of countries. JPMorgan's capital base remains one of the strongest in the industry and it provides a measure of safety and financial flexibility. Overall, we believe JPMorgan offers strong earnings power while also affording shareholders a dividend yield in the top-quartile of the S&P 500 Index. General Electric - 3.1% (2013: 2.6%) is a diversified industrials conglomerate with operations in technology infrastructure, energy infrastructure, home and business services and capital services. The firm's strong management team, depth and breadth of products, and ability to secure pricing, make it a desirable long term holding. Chevron - 3.1% (2013: 3.1%) is the second largest integrated oil company in the U.S. with exploration, production and refining operations worldwide. Chevron has one of the strongest balance sheets and lowest debt to capital ratios among its peers, and currently generates a sector leading profitability per barrel of oil. We believe the firm's success in deep-water exploration in recent years will be a significant driver of earnings growth moving forward. Comcast - 2.7% (2013: 2.5%) is the largest operator in the U.S. cable industry, currently reaching 53 million households. We are positive about the firm's purchase of NBC Universal, one of the world's leading media and entertainment companies. Comcast is now unique in the cable industry because they own the distribution network as well as some of their own programming (television channels). We believe this will help the firm offset rising cable costs better than some of its competitors. Pfizer - 2.4% (2013: 2.5%) is the world's largest pharmaceuticals company with annual sales of approximately U.S.$60 billion. Pfizer offers investors strong free cash flow, a history of generating high returns on invested capital and an attractive and consistent dividend yield. At this stage in the company's business cycle, we believe it will be important for recently launched products to be well received in the market in order for pipeline momentum to continue. Home Depot - 2.4% (2013: 2.4%) is the world's largest home improvement retailer, with over 2,200 warehouse-format stores and more than 300,000 employees. The firm has been an immediate beneficiary of a recovering U.S. housing market and we continue to believe that upward earnings revisions are likely as the segment continues to garner strength. Home Depot remains committed to growing its dividend, raising its quarterly payout by 34% from 2012 to 2013. Merck - 2.2% (2013: 1.9%) is a global pharmaceuticals company with over 83,000 employees worldwide. We believe that Merck is through the worst of its patent cliff and that the firm is favourably positioned for long term growth. New drugs such as Januvia (for diabetes), Isentress (for HIV) and the Gardasil vaccine represent potential blockbusters. Additionally, we believe that Merck's restructuring efforts should reduce costs and improve margins over the long term. Exxon Mobil - 2.2% (2013: 2.1%) is an integrated oil and gas company based out of the U.S. The firm is one of only a few U.S. companies to boast an AAA credit rating. Exxon's geographic footprint and diversified operations continue to make it an industry leader. Management remains committed to generating shareholder returns, paying almost U.S.$40 billion in dividends and repurchasing approximately U.S.$130 billion worth of stock over the last five years. Raytheon - 2.0% (2013: 1.7%) is a defence contractor that benefits from spending on reconnaissance-type products within the defence market. The firm is not highly dependent on individual programmes that we believe could be at risk in the current environment. We are positive on management's dedication to shareholders, as the firm expects to return approximately 50% of its free cash flow to investors over the long term and has been a strong dividend payer. All percentages reflect the value of the holding as a percentage of total investments (including derivative financial instruments). Percentages in brackets represent the value of the holding as at 31 October 2013. Together, the ten largest investments represent 27.0% of the Company's portfolio (ten largest investments at 31 October 2013: 25.5%). Portfolio analysis 30 April 2014 Sector and geographical Australia Canada France Netherlands Peru United United Benchmark breakdown Kingdom States Total weight Sector % % % % % % % % % Consumer Discretionary - - - - - - 9.6 9.6 6.4 ------- ------- ------- -------- ------- ------- ------- ------- -------- Consumer Staples - - - 0.5 - 1.2 7.2 8.9 5.9 ------- ------- ------- -------- ------- ------- ------- ------- -------- Energy - 1.4 1.7 0.3 - - 10.8 14.2 15.2 ------- ------- ------- -------- ------- ------- ------- ------- -------- Financials - 1.0 - - - - 22.2 23.2 28.3 ------- ------- ------- -------- ------- ------- ------- ------- -------- Health Care - - - - - - 9.4 9.4 13.3 -------- -------- -------- -------- -------- -------- -------- -------- -------- Industrials - - - - - - 14.5 14.5 10.2 ------- ------- ------- -------- ------- ------- ------- ------- -------- Information - - - - - - 6.8 6.8 9.0 Technology ------- ------- ------- -------- ------- ------- ------- ------- -------- Materials 1.2 - - - 0.3 - 4.8 6.3 2.9 ------- ------- ------- -------- ------- ------- ------- ------- -------- Telecommunication Services - 0.3 - - - - 1.7 2.0 2.5 ------- ------- ------- -------- ------- ------- ------- ------- -------- Utilities - - - - - - 5.1 5.1 6.3 ------- ------- ------- -------- ------- ------- ------- ------- -------- % Portfolio 30.04.14 1.2 2.7 1.7 0.8 0.3 1.2 92.1 100.0 100.0 ------- ------- ------- ------- ------- ------- ------- ------- ------- % Portfolio 31.10.13 1.7 2.7 1.5 1.4 0.3 1.3 91.1 100.0 ------- ------- ------- ------- ------- ------- ------- ------- ------- Investments as at 30 April 2014 Company Country Sector Shares Market % value of £'000 total portfolio Wells Fargo United Financials Ordinary 4,102 3.6 States Shares Options (11) JPMorgan Chase United Financials Ordinary 3,737 3.3 States Shares Options (3) General Electric United Industrials Ordinary 3,552 3.1 States Shares Options (26) Chevron United Energy Ordinary 3,540 3.1 States Shares Options (39) Comcast United Consumer Ordinary 3,055 2.7 States Discretionary Shares Options (17) Pfizer United Health Care Ordinary 2,770 2.4 States Shares Options (7) Home Depot United Consumer Ordinary 2,717 2.4 States Discretionary Shares Options (11) Merck United Health Care Ordinary 2,575 2.2 States Shares Options (14) Exxon Mobil United Energy Ordinary 2,525 2.2 States Shares Options (14) Raytheon United Industrials Ordinary 2,298 2.0 States Shares Options (6) Microsoft United Information Ordinary 2,169 1.9 States Technology Shares Options (5) Johnson & Johnson United Health Care Ordinary 2,120 1.8 States Shares Options (9) United United Industrials Ordinary 2,096 1.8 Technologies States Shares Options (8) Prudential United Financials Ordinary 2,042 1.8 Financial States Shares Options (1) Verizon United Telecommunication Ordinary 1,994 1.7 Communications States Services Shares Options (2) Bristol-Myers United Health Care Ordinary 1,959 1.7 Squibb States Shares Options (1) Total France Energy Ordinary 1,977 1.7 Shares Options (24) DuPont United Materials Ordinary 1,939 1.7 States Shares IBM United Information Ordinary 1,897 1.7 States Technology Shares US Bancorp United Financials Ordinary 1,841 1.6 States Shares Options (1) Suntrust Banks United Financials Ordinary 1,843 1.6 States Shares Options (3) McDonald's United Consumer Ordinary 1,696 1.5 States Discretionary Shares Options (9) American Express United Financials Ordinary 1,691 1.5 States Shares Options (8) Enbridge Canada Energy Ordinary 1,612 1.4 Shares Options (6) Northrop Grumman United Industrials Ordinary 1,584 1.4 States Shares Options (2) Intel Corporation United Information Ordinary 1,478 1.3 States Technology Shares Options (1) United Parcel United Industrials Ordinary 1,468 1.3 Services States Shares Options (4) Honeywell United Industrials Ordinary 1,436 1.3 States Shares Options (2) Procter & Gamble United Consumer Staples Ordinary 1,435 1.3 States Shares Options (3) BHP Billiton Australia Materials Ordinary 1,438 1.2 Shares Options (10) VF Corporation United Consumer Ordinary 1,383 1.2 States Discretionary Shares Options (2) Travelers United Financials Ordinary 1,387 1.2 Companies States Shares Options (10) Diageo United Consumer Staples Ordinary 1,334 1.2 Kingdom Shares Options (3) NextEra Energy United Utilities Ordinary 1,337 1.2 States Shares Options (9) Citigroup United Financials Ordinary 1,328 1.2 States Shares Options (3) Fifth Third Bank United Financials Ordinary 1,309 1.1 States Shares Options (3) Occidental United Energy Ordinary 1,303 1.1 Petroleum States Shares Options (4) Dominion United Utilities Ordinary 1,298 1.1 Resources States Shares Options (2) Ace United Financials Ordinary 1,299 1.1 States Shares Options (6) 3M Company United Industrials Ordinary 1,267 1.1 States Shares Options (8) Toronto-Dominion Canada Financials Ordinary 1,207 1.0 Bank Shares Options (7) Union Pacific United Industrials Ordinary 1,177 1.0 States Shares Options (1) Marathon United Energy Ordinary 1,154 1.0 Petroleum States Shares Philip Morris United Consumer Staples Ordinary 1,129 1.0 International States Shares Options (6) Mondelez United Consumer Staples Ordinary 1,114 1.0 International States Shares Options (6) Chubb United Financials Ordinary 957 0.8 States Shares Options (8) Lockheed United Industrials Ordinary 943 0.8 States Shares Options (3) Marathon Oil United Energy Ordinary 946 0.8 States Shares Options (16) Motorola United Information Ordinary 890 0.8 States Technology Shares Options (2) Kimberley-Clark United Consumer Staples Ordinary 884 0.8 States Shares Options (2) Coca-Cola United Consumer Staples Ordinary 886 0.8 States Shares Options (9) Qualcomm United Information Ordinary 867 0.8 States Technology Shares Options (1) Morgan Stanley United Financials Ordinary 864 0.8 States Shares Options (1) Dow Chemical United Materials Ordinary 851 0.7 States Shares Options (4) International United Materials Ordinary 842 0.7 Paper Company States Shares Options (6) General Mills United Consumer Staples Ordinary 833 0.7 States Shares Options (4) Praxair United Materials Ordinary 813 0.7 States Shares CME United Financials Ordinary 804 0.7 States Shares Meadwestvaco United Materials Ordinary 800 0.7 States Shares Options (8) America Water United Utilities Ordinary 790 0.7 Works Association States Shares Options (1) Schlumberger United Energy Ordinary 735 0.6 States Shares Options (13) Walt Disney United Consumer Ordinary 695 0.6 States Discretionary Shares WalMart United Consumer Staples Ordinary 673 0.6 States Shares Options (1) ConocoPhillips United Energy Ordinary 664 0.6 States Shares Options (6) Mattel United Consumer Ordinary 630 0.5 States Discretionary Shares Options (3) Sempra Energy United Utilities Ordinary 626 0.5 States Shares Options (2) Johnson Controls United Consumer Ordinary 621 0.5 States Discretionary Shares Options (1) Kraft Foods United Consumer Staples Ordinary 585 0.5 States Shares Options (1) Kinder Morgan United Energy Ordinary 584 0.5 (Delaware) States Shares Spectra Energy United Energy Ordinary 584 0.5 States Shares Options (2) Unilever Netherlands Consumer Staples Ordinary 561 0.5 Shares Options (2) Altria United Consumer Staples Ordinary 564 0.5 States Shares Options (6) AbbVie United Health Care Ordinary 544 0.5 States Shares Options (3) MetLife United Financials Ordinary 530 0.5 States Shares Options (3) Duke Energy United Utilities Ordinary 522 0.5 States Shares Options (5) Wisconsin Energy United Utilities Ordinary 516 0.4 States Shares Options (2) Northeast United Utilities Ordinary 499 0.4 Utilities States Shares Options (4) Weyerhaeuser United Financials Ordinary 490 0.4 States Shares Quest Diagnostics United Health Care Ordinary 484 0.4 States Shares Options (1) Rockwell United Industrials Ordinary 479 0.4 Automation States Shares Phillips 66 United Energy Ordinary 478 0.4 States Shares Options (4) American Tower United Financials Ordinary 437 0.4 States Shares Abbott United Health Care Ordinary 406 0.4 Laboratories States Shares Options (1) CSX United Industrials Ordinary 391 0.3 States Shares Options (1) BCE Canada Telecommunication Ordinary 354 0.3 Services Shares Automatic Data United Information Ordinary 353 0.3 Processing States Technology Shares Bank of America United Financials Ordinary 343 0.3 States Shares Olin United Materials Ordinary 339 0.3 States Shares Options (2) ITC Holdings United Utilities Ordinary 337 0.3 States Shares Options (1) Royal Dutch Shell Netherlands Energy Ordinary 336 0.3 Shares Options (2) Southern Copper Peru Materials Ordinary 318 0.3 Shares Options (1) MT&T Bank United Financials Ordinary 288 0.3 States Shares Nielsen United Consumer Ordinary 250 0.2 States Discretionary Shares Portfolio ------------- ------------ 114,349 100.0 ------------- ------------ The negative valuations of £449,000 in respect of options held represent the notional cost of repurchasing the contracts at market prices as at 30 April 2014. Statement of comprehensive income for the six months ended 30 April 2014 Notes Revenue £'000 Capital £'000 Total £'000 Six For For Six For For Six For For months the the months the the months the the ended period period ended period period ended period period 30.04.14 30.08.12* 30.08.12* 30.04.14 30.08.12* 30.08.12* 30.04.14 30.08.12* 30.08.12* (unaudited) to to (unaudited) to to (unaudited) to to 30.04.13 31.10.13 30.04.13 31.10.13 30.04.13 31.10.13 (unaudited) (audited) (unaudited) (audited) (unaudited) (audited) (Losses)/ gains on investments held at fair value through profit or loss - - - (208) 7,844 8,825 (208) 7,844 8,825 Gains on foreign exchange - - - 198 653 754 198 653 754 Income from investments held at fair value through profit or loss 2 1,539 1,237 2,600 - - - 1,539 1,237 2,600 Other income 2 1,330 761 1,868 - - - 1,330 761 1,868 -------- -------- ------- -------- -------- ------- -------- -------- ------- Total income 2,869 1,998 4,468 (10) 8,497 9,579 2,859 10,495 14,047 -------- -------- ------- -------- -------- ------- -------- -------- ------- Expenses Investment management fees 3 (137) (98) (218) (412) (293) (655) (549) (391) (873) Other operating expenses 4 (181) (156) (326) (18) - (15) (199) (156) (341) -------- -------- ------- -------- -------- ------- -------- -------- ------- Total operating expenses (318) (254) (544) (430) (293) (670) (748) (547) (1,214) -------- -------- ------- -------- -------- ------- -------- -------- ------- Net profit on ordinary activities before finance costs and taxation 2,551 1,744 3,924 (440) 8,204 8,909 2,111 9,948 12,833 Finance costs (1) (3) (4) (4) (10) (11) (5) (13) (15) -------- -------- ------- -------- -------- ------- -------- -------- ------- Net profit on ordinary activities before taxation 2,550 1,741 3,920 (444) 8,194 8,898 2,106 9,935 12,818 Taxation (437) (284) (666) 91 71 156 (346) (213) (510) -------- -------- ------- -------- -------- ------- -------- -------- ------- Net profit on ordinary activities after taxation 2,113 1,457 3,254 (353) 8,265 9,054 1,760 9,722 12,308 -------- -------- ------- -------- -------- ------- -------- -------- ------- Earnings per ordinary share - basic and diluted 6 2.11p 2.09p 4.28p (0.35p) 11.85p 11.91p 1.76p 13.94p 16.19p -------- -------- ------- -------- -------- ------- -------- -------- ------- The total column of this statement represents the Company's Statement of Comprehensive Income, prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies ("AIC"). All items in the above statement derive from continuing operations. All income is attributable to the equity holders of BlackRock North American Income Trust plc. The Company does not have any other recognised gains or losses. The net profit for the period disclosed above represents the Company's total comprehensive income. * the date of incorporation. Statement of changes in equity for the six months ended 30 April 2014 Notes Called-up Share Capital Special Capital Revenue Total share premium redemption reserve reserves reserve capital account reserve £'000 £'000 £'000 £'000 £'000 £'000 £'000 For the six months ended 30 April 2014 (unaudited) At 31 October 2013 994 35,671 1,460 63,213 9,004 947 111,289 Total comprehensive income: Net profit for the period - - - - (353) 2,113 1,760 Transaction with owners, recorded directly to equity: Issue of ordinary shares 7 10 1,108 - - - - 1,118 Share issue costs - (5) - - - - (5) Dividends paid (a) 5 - - - - - (1,849) (1,849) ------ ------ ------ ----- ------ ------ ----- At 30 April 2014 1,004 36,774 1,460 63,213 8,651 1,211 112,313 ------ ------ ------ ----- ------ ------ ----- For the period ended 30 April 2013 (unaudited) Total comprehensive income: Net profit for the period - - - - 8,265 1,457 9,722 Transaction with owners, recorded directly to equity: Issue of management shares 50 - - - - - 50 Issue of ordinary shares 762 76,377 - - - - 77,139 Share issue costs - (1,467) - - - - (1,467) Cancellation of share premium account - (63,213) - 63,213 - - - Redemption and cancellation of management shares (50) - 50 - (50) - (50) Dividends paid (b) 5 - - - - - (701) (701) ------ ------ ------ ----- ------ ------ ----- At 30 April 2013 762 11,697 50 63,213 8,215 756 84,693 ------ ------ ------ ----- ------ ------ ----- For the period ended 31 October 2013 (audited) Total comprehensive income: Net profit for the period - - - - 9,054 3,254 12,308 Transaction with owners, recorded directly to equity: Issue of management shares 50 - - - - - 50 Issue of ordinary shares 854 86,833 - - - - 87,687 Share issue costs - (1,899) - - - - (1,899) Cancellation of share premium account - (63,213) - 63,213 - - - Dividends paid (c) - - - - - (2,307) (2,307) Share issue - C shares 1,550 13,950 - - - - 15,500 Share conversion - C shares to ordinary shares (1,410) - 1,410 - - - - Redemption and cancellation of management shares (50) - 50 - (50) - (50) ------ ------ ------ ----- ------ ------ ----- At 31 October 2013 994 35,671 1,460 63,213 9,004 947 111,289 ----- ----- ----- ----- ----- ----- ----- (a) Final dividend of 1p per share for the period ending 31 October 2013, declared on 3 October 2013 and paid on 4 December 2013 and 1st interim dividend of 1p per share for the year ending 31 October 2014, declared on 13 February 2014 and paid on 2 April 2014. (b) 1st interim dividend of 1p per share declared on 14 February 2013 and paid on 2 April 2013. (c) 1st interim dividend of 1p per share for the period ending 31 October 2013, declared on 14 February 2013 and paid on 2 April 2013 (based on 70,050,000 ordinary shares); 2nd interim dividend of 1p per share, declared on 22 May 2013 and paid on 2 July 2013 (based on 76,175,000 ordinary shares); and 3rd interim dividend of 1p per share, declared on 14 August 2013 and paid on 2 October 2013 (based on 84,488,500 ordinary shares). The transaction costs incurred on the acquisition and disposal of investments are included within the capital reserves and amounted to £18,000 for the six months ended 30 April 2014; (period from 30 August 2012 (date of incorporation) to 30 April 2013: £76,000; and period from 30 August 2012 (date of incorporation) to 31 October 2013: £79,000). Statement of financial position as at 30 April 2014 Notes 30 30 31 April April October 2014 2013 2013 £'000 £'000 £'000 (unaudited) (unaudited) (audited) Non current assets Investments held at fair value through profit or loss 114,798 85,318 112,429 ======== ======== ======== Current assets Other receivables 586 1,336 1,097 Cash and cash equivalents 580 60 227 -------- ------- -------- 1,166 1,396 1,324 -------- -------- -------- Current liabilities Bank overdraft (1,088) (65) (555) Derivative financial instruments (449) (408) (475) Other payables (2,114) (1,548) (1,434) -------- -------- -------- (3,651) (2,021) (2,464) -------- -------- -------- Net current liabilities (2,485) (625) (1,140) -------- -------- -------- Net assets 112,313 84,693 111,289 ======== ======== ======== Equity attributable to equity holders Called-up share capital 7 1,004 762 994 Share premium account 36,774 11,697 35,671 Capital redemption reserve 1,460 50 1,460 Special reserve 63,213 63,213 63,213 Capital reserves 8,651 8,215 9,004 Revenue reserve 1,211 756 947 -------- -------- -------- Total equity shareholders' funds 112,313 84,693 111,289 ======== ======== ======== Net asset value per ordinary share 6 111.91p 111.18p 112.00p ======== ======== ======== Cash flow statement for the six months ended 30 April 2014 For For the the period period 30 30 Six August August months 2012* 2012* ended to to 30 30 31 April April October 2014 2013 2013 £'000 £'000 £'000 (unaudited) (unaudited) (audited) Operating activities Profit before taxation 2,106 9,935 12,818 Add back interest paid 5 13 15 Losses/(gains) on investments held at fair value through profit or loss 208 (7,844) (8,825) Net movement on foreign exchange (198) (653) (754) Sales of investments held at fair value through profit or loss 45,364 27,687 52,861 Purchases of investments held at fair value through profit or loss (47,578) (104,753) (155,990) Decrease/(increase) in other receivables 57 (114) (169) Increase in other payables 278 551 666 Increase in amounts due from brokers (216) (1,213) (228) Increase in amounts due to brokers 561 520 352 ------------ ------------ ----------- Net cash outflow from operating activities before interest and taxation 587 (75,871) (99,254) ------------ ------------ ------------ Interest paid (5) (13) (15) Taxation on investment income included within gross income (224) (204) (406) ------------ ----------- ------------ Net cash outflow from operating activities 358 (76,088) (99,675) ------------ ----------- ------------ Financing activities Dividends paid (1,849) (701) (2,307) Proceeds from issue of ordinary shares 1,118 77,139 102,509 Share issue costs paid (5) (1,008) (1,609) -------- --------- -------- Net cash inflow from financing activities (736) 75,430 98,593 -------- -------- -------- Decrease in cash and cash equivalents (378) (658) (1,082) -------- -------- -------- Cash and cash equivalents at start of period (328) - - Effect of foreign exchange rate changes 198 653 754 -------- -------- -------- Cash and cash equivalents at end of period (508) (5) (328) -------- -------- -------- Comprised of: Cash and cash equivalents 580 60 227 Bank overdraft (1,088) (65) (555) -------- -------- -------- (508) (5) (328) ======== ======== ======== * the date of incorporation. Notes to the financial statements for the six months ended 30 April 2014 1. Principal activity and basis of preparation The principal activity of the Company is that of an investment trust company within the meaning of section 1158 of the Corporation Tax Act 2010. The half yearly financial statements have been prepared using the same accounting policies as set out in the Annual Report for the period from 30 August 2012 (date of incorporation) to 31 October 2013 (which were prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU") and as applied in accordance with the provisions of the Companies Act 2006) and in accordance with International Accounting Standard 34, 'Interim Financial Reporting'. Insofar as the Statement of Recommended Practice ("SORP") for investment trust companies ("AIC"), revised in January 2009 is compatible with IFRS, the financial statements have been prepared in accordance with guidance set out in the SORP. 2. Income For For the the period period 30 30 Six August August months 2012 2012 ended to to 30 30 31 April April October 2014 2013 2013 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Investment income: Overseas listed dividends 1,525 1,228 2,558 UK listed dividends 14 9 42 ----------- ----------- ----------- 1,539 1,237 2,600 Other income: Deposit interest on cash balances 3 2 2 Option premium income 1,327 759 1,866 ----------- ---------- ---------- 1,330 761 1,868 ----------- ----------- ------------- Total 2,869 1,998 4,468 ------------- ----------- ------------- During the period, the Company received premiums totalling £1,497,000 (period ended 30 April 2013: £884,000; period ended 31 October 2013: £2,017,000) for writing covered call options for the purposes of revenue generation, of which £1,327,000 (period ended 30 April 2013: £759,000; period ended 31 October 2013: £1,866,000) was taken to income. All derivative transactions were based on constituent stocks in the Russell 1000 Value Index. At 30 April 2014 there were 165 open positions with an associated liability of £449,000 (period ended 30 April 2013: 139 open positions with an associated liability of £408,000 and period ended 31 October 2013: 188 open positions with an associated liability of £475,000). 3. Investment management fee For the Six months For the period Six months period 30 August ended 30 August 2012 to 30 April 2012 to 31 October 2014 30 April 2013 2013 (unaudited) (unaudited) (audited) Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Investment management fee 137 412 549 98 293 391 218 655 873 ------- ------- ----- ------ ------- ----- ------- ------- ------- Total 137 412 549 98 293 391 218 655 873 ======= ======= ===== ====== ======= ===== ====== ====== ====== The Company has a management agreement with BlackRock Investment Management (UK) Limited under which BlackRock is entitled to an investment management fee, payable in arrears, calculated at the rate of 0.25 per cent per quarter of the Company's average market capitalisation. Average market capitalisation is calculated as the aggregate of the closing mid-market share price, multiplied by the number of shares in issue on each business day during the quarter, divided by the number of business days in the quarter. 4. Other operating expenses For For the the period period 30 30 Six August August months 2012 2012 ended to to 30 30 31 April April October 2014 2013 2013 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Custody fee 2 8 22 Auditor's remuneration: - audit services 14 12 26 - other audit services 6 6 14 Registrar's fee 13 18 20 Directors' emoluments 55 39 86 Other administration costs 91 73 158 -------- -------- -------- 181 156 326 ======== ======== ======== 5. Dividends The Directors have declared a second quarterly interim dividend of 1.00p per share. The dividend will be paid on 2 July 2014 to shareholders on the Company's register on 23 May 2014. Under IFRS, the second interim dividend has not been recognised as a liability in the financial statements as interim dividends are not recognised in the financial statements until they are paid. They are also debited directly to revenue reserves. Dividends paid on equity shares during the period were: Six months ended 30 April 2014 £'000 (unaudited) Dividends on equity shares: Fourth interim dividend of 1.00p per ordinary share paid on 4 December 2013* 845 First interim dividend of 1.00p per ordinary share paid on 2 April 2014** 1,004 -------- 1,849 ======== * based on 84,488,500 ordinary shares. ** based on 100,361,305 ordinary shares. 6. Earnings and net asset value per ordinary share Six period period months 30 30 ended August August 30 2012 2012 April to to 2014 30 31 April April October 2014 2013 2013 (unaudited) (unaudited) (audited) Net revenue profit attributable to ordinary shareholders (£'000) 2,113 1,457 3,254 Net capital (losses)/profit attributable to ordinary shareholders (£'000) (353) 8,265 9,054 -------- -------- -------- Total profit attributable to ordinary shareholders (£'000) 1,760 9,722 12,308 -------- -------- -------- Total equity attributable to shareholders (£'000) 112,313 84,693 111,289 -------- -------- -------- The weighted average number of ordinary shares in issue during the period on which the earnings per ordinary share was calculated was: 99,997,217 69,720,106 76,004,895 -------- -------- -------- The actual number of ordinary shares in issue at the end of the period on which the net asset value was calculated was: 100,361,305 76,175,000 99,361,305 -------- -------- -------- Revenue earnings per share 2.11p 2.09p 4.28p Capital earnings per share (0.35p) 11.85p 11.91p Total earnings per share - basic and -------- --------- -------- diluted 1.76p 13.94p 16.19p Net asset value per share - basic and -------- --------- -------- diluted 111.91p 111.18p 112.00p -------- -------- -------- Share price 109.75p 114.38p 112.50p -------- -------- -------- Basic and diluted earnings per share and net asset value per share are the same as the Company does not have any dilutive securities outstanding. 7. Share capital Total number of shares Nominal in value issue £'000 Allotted, called up and fully paid share capital comprised: Ordinary shares of 1p each: At 1 November 2013 99,361,305 994 Issues of ordinary shares in the period 1,000,000 10 -------- -------- At 30 April 2014 100,361,305 1,004 ======== ======== During the period to 30 April 2014 the Company issued 1,000,000 ordinary shares for a total gross consideration of £1,118,000 before the deduction of issue costs. Since 30 April 2014 and up to the date of this report, no shares have been issued. 8. Related party disclosure The Board consists of four non-executive Directors, all of whom are considered to be independent by the Board. None of the Directors has a service contract with the Company. The Chairman receives an annual fee of £30,000, the Chairman of the Audit and Management Engagement Committee receives an annual fee of £25,000 and the other Directors each receive an annual fee of £21,000. At 30 April 2014 the Directors' interests in the Company's ordinary shares were as follows: 30 30 31 April April October 2014 2013 2013 (unaudited) (unaudited) (audited) Simon Miller (Chairman) 38,094 20,000 38,094 Christopher Casey 19,047 10,000 19,047 Andrew Irvine 38,094 20,000 38,094 Alice Ryder 9,047 - 9,047 Since the period end and up to the date of this report there have been no changes in Directors' holdings. 9. Transactions with the Investment Manager BlackRock Investment Management (UK) Limited ("BlackRock") provides management and administration services to the Company under a contract which is terminable on six months' notice in writing. BlackRock is entitled to receive from the Company a management fee payable quarterly in arrears calculated at the rate of 0.25 per cent. per quarter of the average market capitalisation, together with reimbursement of reasonable expenses properly incurred by it in the performance of its duties. For details, see note 3. The investment management fee for the six months ended 30 April 2014 was £549,000 (period ended 30 April 2013: £391,000; period ended 31 October 2013: £873,000). At the period end, an amount of £265,000 (30 April 2013: £391,000; 31 October 2013: £482,000) was outstanding in respect of the investment management fee. In addition to the above services, with effect from 1 November 2013 BlackRock has provided the Company with marketing services. The total fee paid or payable for these services for the period ended 30 April 2014 amounted to £46,000 including VAT (period ended 30 April 2013: nil; period ended 31 October 2013: nil) of which £46,000 (period ended 30 April 2013: nil; period ended 31 October 2013: nil) was outstanding at 30 April 2014. 10. Contingent liabilities There were no contingent liabilities at 30 April 2014, 30 April 2013 or 31 October 2013. 11. Publication of non statutory accounts The financial information contained in this half yearly report does not constitute statutory accounts, as defined in section 435 of the Companies Act 2006. The financial information for the periods ended 30 April 2014 and 30 April 2013 has not been audited. The information for the period from 30 August 2012 (date of incorporation) to 31 October 2013 has been extracted from the latest published audited financial statements which have been filed with the Registrar of Companies. The report of the Auditor on these finaical statements contained no qualifications or statement under sections 498(2) or 498(3) of the Companies Act 2006. 12. Annual results The Board expects to announce the annual results for the year ended 31 October 2014 in mid December 2014. Copies of the annual results announcement can be obtained from the Secretary on 0207 743 3000. The annual report should be available by late December 2014 with the Annual General Meeting being held in February 2015. Independent review report to BlackRock North American Income Trust plc Introduction We have been engaged by the Company to review the condensed set of financial statements in the half yearly financial report for the six months ended 30 April 2014 which comprises the Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Financial Position, Cash Flow Statement and the related notes. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This report is made solely to the Company, in accordance with guidance contained in International Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our work, for this report, or for the conclusions we have formed. Directors' Responsibilities The half yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority. As disclosed in note 1, the annual financial statements of the Company are prepared in accordance with IFRS as adopted by the European Union. The condensed set of financial statements included in this half yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union. Our Responsibility Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half yearly financial report based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland), and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half yearly financial report for the six months ended 30 April 2014 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority. Ernst & Young LLP London 12 June 2014 The Half Yearly Financial Report will also be available on the BlackRock Investment Management website at www.blackrock.co.uk/brna. 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. For further information, please contact: Jonathan Ruck Keene, Head of Closed End Funds Group, BlackRock Investment Management (UK) Limited - Tel: 020 7743 2178 Scott Malatesta, Senior Product Strategist, BlackRock Investment Management, LLC - Tel: 020 7743 3000 Emma Philips, Media & Communications, BlackRock Investment Management (UK) Limited - Tel: 020 7743 2922

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