Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 31 January 2013 and unaudited.

Performance at month end with net income reinvested

                             One month   Since launch
                                         (24 Oct 2012)

Net asset value                  +6.7%          +6.9%

Share price                      +5.8%          +9.3%
Russell 1000 Value Index         +9.2%          +9.3%

Source: BlackRock


At month end

Net asset value - capital only:              103.78p
Net asset value - cum income:                105.00p
Share price:                                 109.25p
Premium to cum income NAV:                      4.0%
Net yield:                                       n/a
Total assets including current year revenue: £73.55m
Gearing:                                        0.0%
Options overwrite:                             16.4%
Ordinary shares in issue:                 70,050,000

During the month, the company issued 1,850,000 shares for proceeds of £1.92m


Benchmark

Sector Analysis                     Total Assets (%)

Financials                                     18.1
Industrials                                    14.9
Energy                                         13.3
Consumer Staples                               12.3
Consumer Discretionary                          9.9
Health Care                                     7.5
Materials                                       6.8
Utilities                                       6.8
Telecommunication Services                      5.1
Information Technology                          4.4
Net current assets                              0.9
                                              ----- 
                                              100.0
                                              =====

Country Analysis                    Total Assets (%)

USA                                            85.3
Canada                                          6.2
United Kingdom                                  2.2
Australia                                       2.0
France                                          1.5
Netherlands                                     1.5
Peru                                            0.4
Net current assets                              0.9
                                              -----
                                              100.0
                                              =====


Ten Largest Investments (in alphabetical order)

Company                             Country of Risk

BHP Billiton                              Australia
Chevron                                         USA
Exxon Mobil                                     USA
General Electric                                USA
Home Depot                                      USA
IBM                                             USA
JP MorganChase                                  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 January 31, 2013 the Trust posted a 6.7%
increase in its NAV while the shares appreciated by 5.8% (all in sterling)
while the Trust's benchmark, the Russell 1000 Value Index returned 9.2%.

The Trust generated positive returns in 10 out of 10 GICS sectors during the
month. On an absolute basis the financials, energy and industrials sectors each
added over 100 basis points to returns. On a relative basis, the Trust
benefited marginally from an overweight to consumer staples.

Relative underperformance for the period came primarily from stock selection,
with stock selection in consumer discretionary and industrials being the
largest detractors from monthly returns. Stock selection in consumer staples,
financials, energy and materials also hurt relative performance.

Transactions/Gearing

There were no significant transactions or changes to gearing in the Trust
during the period.

Positioning

There are many positive signs for US equities as we begin 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 debt 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. As we consider all of
these factors in conjunction with the current level of equity valuation, 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 the last year, they are exceedingly
attractive relative to other asset classes, and especially fixed income. As
investors begin 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 the investors will place a high
degree of confidence in these stocks throughout 2013.

ENDS

14 February 2013

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any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.