Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 30 September 2013 and unaudited.

Performance at month end with net income reinvested

                               One month         Since launch
                                                 (24 Oct 2012)

Net asset value                  -2.4%               +12.0%
Share price                      -3.1%               +12.9%
Russell 1000 Value Index         -2.1%               +21.1%

Source: BlackRock

At month end

Net asset value - capital only:                106.30p
Net asset value - cum income:                  107.17p
Share price:                                   110.00p
Premium to cum income NAV:                        2.6%
Net yield*:                                      3.64%
Total assets including current year revenue:   £91.25m
Target yield**:                                  4.00%
Gearing:                                          0.8%
Options overwrite:                              16.08%
Ordinary shares in issue:                   84,488,500

The Company has not issued any shares during the month.

*Based on dividends of 1p per share each declared on 14 February 2013,
14 May 2013, 6 August 2013 & 3 October 2013.

** Based on issue price of 100p.

Benchmark

Sector Analysis                      Total Assets (%)

Financials                                      21.2
Energy                                          13.9
Industrials                                     13.5
Consumer Staples                                12.1
Consumer Discretionary                           9.5
Health Care                                      9.2
Materials                                        7.2
Utilities                                        5.9
Information Technology                           5.3
Telecommunication Services                       3.5
Net current liabilities                         -1.3
                                               ----- 
                                               100.0
                                               =====

Country Analysis                     Total Assets (%)

USA                                             92.4
Canada                                           2.7
Australia                                        1.7
France                                           1.5
Netherlands                                      1.4
United Kingdom                                   1.3
Peru                                             0.3
Net current liabilities                         -1.3
                                               -----
                                               100.0
                                               =====

Ten Largest Investments (in alphabetical order)

Company                         Country of Risk

Ace                                         USA
Chevron                                     USA
Comcast                                     USA
Exxon Mobil                                 USA
General Electric                            USA
Home Depot                                  USA
JPMorgan Chase                              USA
Merck & Co                                  USA
Pfizer                                      USA
Wells Fargo                                 USA

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

Performance

For the one month period ended 30 September 2013, the Company posted a 2.4%
decrease in its NAV while the shares declined by 3.1% (all in sterling). The
Company's benchmark, the Russell 1000 Value Index, returned -2.1%.

On a relative basis, the largest contributor to the Company's performance
during the period was a combination of stock selection and an underweight to
the health care sector, followed by strong stock selection in consumer staples
and financials. Overweight positions in industrials, materials and consumer
discretionary also modestly added to relative returns, as did stock selection
in the utilities sector.

The largest detractor from relative returns for the month was security
selection in the industrials sector, followed by an overweight to consumer
staples. Stock selection in materials and a combination of stock selection and
an underweight to the information technology sector also detracted from
relative returns. Lastly, stock selection in consumer discretionary and energy
also weighed on relative performance for the period.

Transactions/Gearing

Transactions: There were three transactions during the month. We increased our
weighting to Motorola Solutions (MSI) and sold out of smaller positions in
Rockwell Collins, Inc. and PPL Corporation.

As of 30 September 2013, the Company's options exposure is 16.08% and the delta
of the options is 94.82%.

Positioning

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

Current Outlook

US equity markets extended year-to-date gains with accommodative monetary
policy continuing to act as a tailwind for equities. Outperformance by cyclical
stocks remains a key theme with the consumer discretionary, financials,
industrials and information technology sectors among market leaders
year-to-date. The Federal Reserve's commitment to supporting economic growth
was best characterized by Chairman Bernanke's July assertion that "highly
accommodative monetary policy for the foreseeable future is what's needed." His
statement came on the heels of data indicating that second quarter GDP growth
of 1.7% and modest improvements in domestic housing and employment continue to
suggest a slower-growth path for the US economy. Additionally, wider concerns
about civil unrest in Syria, the appointment of the next Fed Chairman and the
September decision to continue the US$85 billion monthly bond buying programme
all influenced markets during the latter half of the quarter.

Despite substantial speculation and headline risk, we continue to focus on
identifying inherently attractive businesses to invest in for the long term.
The portfolio remains positioned in higher-quality, cash rich, dividend growth
companies with defensible competitive advantages and the ability to self-fund
should markets become more volatile. We are overweight consumer staples,
materials and industrials given our belief that these sectors are poised to
benefit from a rebound in US housing, global growth and persistent (albeit
slowing) industrialization in developing markets. As the potential for rate
increases becomes a reality, we believe significant risk can be found in the
lower-capitalized, fundamentally weaker, segment of the US equity markets,
where the structural decline in businesses may have been masked by advances in
stock prices in recent quarters. While historically prime market conditions
have supported this subdivision of the market, we simply believe that it cannot
last forever. We have positioned the portfolio to benefit from a shift in
market leadership and will continue to emphasize growth of income, relative
protection and long term total return as the core of our process. Overall, the
portfolio remains well-insulated but ready to participate should markets
continue to experience gains through the end of the year.

22 October 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.