Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 31 December 2012 and unaudited.

Performance at month end with net income reinvested

                                One        Since launch
                              month         (24 Oct 2012)
Net asset value               -0.6%               +0.1%
Share price                   +0.7%               +3.3%
Russell 1000 Value Index      +0.6%               +0.1%

Source: BlackRock

At month end
Net asset value - capital only:                  97.39p
Net asset value - cum income:                    98.37p
Share price:                                    103.25p
Premium to cum income NAV:                         5.0%
Net yield:                                          n/a
Total assets including current year revenue:    £68.43m
Gearing:                                           2.0%
Ordinary shares in issue:                    68,200,000

During the month, the company issued 1,700,000 shares for net proceeds of 
£1.73m. 

Benchmark
Sector Analysis       Total Assets (%)

Financials                        17.3
Industrials                       14.9
Energy                            13.0
Consumer Staples                  12.4
Consumer Discretionary            10.2
Utilities                          8.1
Health Care                        7.4
Materials                          7.2
Telecommunication Services         5.6
Information Technology             4.4
Net current liabilities           -0.5
                                 -----
                                 100.0
                                 =====
                                  
Country Analysis     Total Assets (%)

USA                              86.0
Canada                            6.7
United Kingdom                    2.3
Australia                         2.1
France                            1.5
Netherlands                       1.5
Peru                              0.4
Net current liabilities          -0.5
                                -----
                                100.0
                                =====

Ten Largest Investments (in alphabetical order)

Company                     

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:

The pending "Fiscal Cliff" resolution in the United States continued to cause
volatility to be elevated.  Late in the month we learned of the results of the
current legislation, which we believe are favourable for dividend-paying
stocks. We anticipated a 23.8% tax on income, and the current law makes this a
reality only for those earning above $400,000 a year. As such, we expect flows
into dividend-paying stocks to continue throughout 2013 given this favourable
treatment.  The main concern with the package is the expiration of payroll tax
cuts, which will have an immediate impact on most working Americans.  However,
the increase in the tax bracket ranges will exclude many more people from
seeing a tax increase. The setting of a $300,000 ceiling for the phase-out of
deductions may have an impact later in the quarter as people file their taxes.

On the whole, we believe the passage of this bill will provide a floor for
equities in the form of a relief rally. However, the majority of the
bill-specific items deal with the revenue side of the equation; there was
little in terms of the meaningful deficit reduction through work on the
spending side. While we are optimistic on a short-term basis, failure to 
address these issues and the debt ceiling will likely weigh on markets again 
at the end of Q1. 

There are many positive signs for US equities as we head into 2013. Fiscal
Cliff uncertainty has been (mostly) reduced; central banks around the world are
collectively easing; employment growth has been positive; housing appears to
have begun a recovery; corporate balance sheets are strong; dividend payout
ratios are hovering around historic lows, and although slowing, emerging
markets remain as engines of global growth. However, there are also negative
influences that cannot be overlooked. These include: the European crisis and
budget issues, high unemployment, a fiscal drag from tax changes, US debt
ceiling issues and the potential for inflation given exceptionally
accommodating central banks.

On balance, we believe that the positive forces here outweigh the negative, and
that the US economy will continue to grow, albeit slowly, as the remaining
issues work themselves out or are forcefully resolved. This leads us to believe
that there may be enough economic momentum to have better than expected
progress to start out the new year.

As we consider all of these factors in conjunction with the current level of
equity valuations, there is a strong case to be made for investment in US
equities, especially among the highest quality, dividend-paying segment of the
market. While equities broadly have rebounded and proved resilient during 2012,
they are exceedingly attractive relative to other asset classes, especially
fixed income.  As investors face a new year, they do so with a number of
concerns, but significant opportunity. Top of mind are the expense of bonds,
the lack of yield in the marketplace, broad underexposure to equities, worries
about outliving income and the prospect of inflation on the not-so-distant
horizon. We believe that equity income securities can offer a unique solution
to these concerns in this environment and expect that investors will place a
high degree of confidence in these stocks throughout 2013.

16 January 2013

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.