Publication of Prospectus

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, TO US PERSONS OR INTO OR FROM THE UNITED STATES, OR INTO OR FROM
AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA

This announcement is an advertisement and not a prospectus. This announcement
does not constitute or form part of, and should not be construed as, any offer
for sale or subscription of, or solicitation of any offer to buy or subscribe
for, any shares in BlackRock North American Income Trust plc (the "Company") or
securities in any other entity, in any jurisdiction, including the United
States, nor shall it, or any part of it, or the fact of its distribution, form
the basis of, or be relied on in connection with, any contract or investment
decision whatsoever, in any jurisdiction. This announcement does not constitute
a recommendation regarding any securities.

Any investment decision must be made exclusively on the basis of the Prospectus
(defined below) which has been published today by the Company and any
supplement thereto in connection with the admission of ordinary shares of the
Company to the premium segment of the Official List of the UK Listing Authority
and to trading on the London Stock Exchange's main market for listed
securities.

16 September 2013

                   BlackRock North American Income Trust plc                    
          Placing, Open Offer and Offer for Subscription of C Shares           
                                      and                                      
         Implementation of a new Placing Programme of Ordinary Shares          

 

Placing, Open Offer and Offer for Subscription of C Shares

Further to the announcement on 12 August 2013, the Company has today published
a prospectus (the "Prospectus") and circular (the "Circular") with details in
relation to a proposed Open Offer, Placing and Offer for Subscription of C
Shares (together the "Issue") and implementation of a new placing programme
(the "Placing Programme") of up to 45 million Ordinary Shares. The target size
of the Issue is in excess of £50 million before expenses.

Key Features of the Company

UK listed investment trust (LSE Premium Listing).
Investment objective is to provide an attractive and growing level of income
with capital appreciation over the long term, predominantly through investment
in a diversified portfolio of primarily large-cap US equities.
Dividend target of 4 pence per annum.
Dividends paid quarterly in Sterling.
Management fee of 1% of market capitalisation.
Discretionary semi-annual tender at 2% discount to NAV for up to 20% of the
shares in issue.
14.99% buyback authority.
ISA/SIPP qualifying.

Key Features of the Issue

1 C Share for every 1 Ordinary Share pre-emptive Open Offer for existing
shareholders with an excess entitlement facility.
A non pre-emptive Placing of C Shares for new and existing investors.
A non pre-emptive Offer for Subscription of C Shares.
C Share issue price of 100 pence.
C Share opening NAV 98.25 pence (costs fixed at 1.75% of gross proceeds).
C Share conversion expected within one month of admission of the C Shares.
C Share investors (post conversion) expected to be entitled to dividends
declared for the period from 1 November 2013 to 31 January 2014.

Key features of the Placing Programme

The Company has also today published a Circular convening a General Meeting to
propose resolutions to seek further authorities to allot new Ordinary Shares
and to disapply pre-emption rights in respect of the issue of such Ordinary
Shares.

The existing share allotment authorities granted by Shareholders in February
2013 in relation to the existing placing programme are shortly expected to be
substantially utilised, which means the Company will shortly not have the
capacity to issue further Ordinary Shares under a placing programme without
renewing Shareholder authorities.

In the light of the continuing demand for the Ordinary Shares and having regard
to the benefits of enlarging the Company, the Directors have resolved to
convene the General Meeting in order to seek Shareholder authority to issue
further Ordinary Shares on a non-pre-emptive basis.

The Circular calls a General Meeting of Shareholders to be held at 12 noon on
10 October 2013 to consider and approve (1) an ordinary resolution to give the
Directors the authority to allot up to 21,122,125 new Ordinary Shares (equal to
25 per cent. of the issued share capital as at the date of this announcement);
and (2) a special resolution to give the Directors the authority to allot such
Shares for cash on a non-pre-emptive basis.

The Company will not issue any Ordinary Shares under its current placing
programme and the Placing Programme until admission of the C Shares pursuant to
the Issue.

Publication of Documents

The Prospectus will shortly be available for inspection at the National Storage
Mechanism which is located at www.hemscott.com/nsm.do and also on the Company's
website which is located at

http://www.blackrock.co.uk/intermediaries/literature/prospectus/blackrock-north-american-income-trust-plc-prospectus-2013.pdf

The Circular will shortly be available for inspection at the National Storage
Mechanism which is located at www.morningstar.co.uk/uk/nsm and also on the
Company's website which is located at

http://www.blackrock.co.uk/intermediaries/literature/proxy-statement/blackrock-north-american-income-trust-plc-circular-2013.pdf

Expected timetable

The Open Offer                                                                 
                                                                               
Record Date for entitlement under the Open Offer        close of business on 13
                                                                 September 2013
                                                                               
Ex-entitlement date for the Open Offer                8.00 a.m. on 17 September
                                                                           2013
                                                                               
Open Offer Entitlements and Excess CREST Open Offer           17 September 2013
Entitlements credited to stock accounts of                                     
Qualifying CREST Shareholders into CREST                                       
                                                                               
Recommended latest time for requesting withdrawal     4.30 p.m. on 27 September
of Open Offer Entitlements and Excess CREST Open                           2013
Offer Entitlements from CREST                                                  
                                                                               
Latest time and date for depositing Open Offer        3.00 p.m. on 30 September
Entitlements and Excess CREST Open Offer                                   2013
Entitlements into CREST                                                        
                                                                               
Latest time and date for splitting of Open Offer    3.00 p.m. on 1 October 2013
Application Forms to satisfy bona fide market                                  
claims only                                                                    
                                                                               
Latest time and date for receipt of completed Open    11.00 a.m. 3 October 2013
Offer Application Forms with payment in full and                               
settlement of relevant CREST instructions (as                                  
appropriate)                                                                   
                                                                               
The Placing and Offer for Subscription                                         
                                                                               
Placing and Offer for Subscription opens                      16 September 2013
                                                                               
Latest time and date for receipt of completed        12 noon on 10 October 2013
Application Forms and payment in full under the                                
Offer for Subscription                                                         
                                                                               
Latest time and date for receipt of placing             4.00 p.m. on 10 October
commitments under the Placing                                              2013
                                                                               
The Placing Programme                                                          
                                                                               
Placing Programme opens                                         11 October 2013
                                                                               
Earliest date for new Ordinary Shares to be issued              11 October 2013
pursuant to the Placing Programme                                              
                                                                               
Publication of Placing Price in respect of each          as soon as practicable
issue pursuant to the Placing Programme                following the closing of
                                                     each issue pursuant to the
                                                              Placing Programme
                                                                               
Admission and crediting of CREST accounts in          as soon as practicable on
respect of each issue pursuant to the Placing          each day Ordinary Shares
Programme                                            are issued pursuant to the
                                                              Placing Programme
                                                                               
Share certificates in respect of Ordinary Shares         approximately one week
issued pursuant to the Placing Programme despatched  following the Admission of
(if applicable)                                      any Ordinary Shares issued
                                                        pursuant to the Placing
                                                                      Programme
                                                                               
Placing Programme closes and last date for new               15 September 2014*
Ordinary Shares to be issued pursuant to the                                   
Placing Programme                                                              
                                                                               
Other key dates                                                                
                                                                               
Latest time and date for receipt of Forms of          12 noon on 2 October 2013
Direction in relation to the General Meeting                                   
                                                                               
Latest time and date for receipt of Forms of Proxy    12 noon on 8 October 2013
in relation to the General Meeting                                             
                                                                               
General Meeting                                      12 noon on 10 October 2013
                                                                               
Results of the Issue announced                                  11 October 2013
                                                                               
Admission of the C Shares to the Official List of       8.00 a.m. on 16 October
the UKLA and dealings in the C Shares commence on                          2013
the main market for listed securities of the London                            
Stock Exchange                                                                 
                                                                               
Crediting of CREST stock accounts in respect of the             16 October 2013
C Shares                                                                       
                                                                               
Share certificates despatched in respect of the C        the week commencing 21
Shares                                              October 2013 (or as soon as
                                                           possible thereafter)

*or such earlier date on which the authority to issue Ordinary Shares pursuant
to the Placing Programme is fully utilised.

For further information, please contact:

BlackRock Investment Management (UK) Limited
Jonathan Ruck Keene 020 7743 2178
Barbara Powley 020 7743 5610

Cenkos Securities
Sapna Shah 020 7397 1922
Will Rogers 020 7397 1920

Important Information

Save for expressions defined in this announcement, words and expressions
defined in the Prospectus and Circular shall have the same meaning in this
announcement.

Cenkos Securities plc, which is authorised and regulated in the United Kingdom
by the Financial Conduct Authority, is acting for the Company and for no-one
else in connection with the contents of this announcement, and will not be
responsible to anyone other than the Company for providing the protections
afforded to clients of Cenkos Securities plc nor for providing advice in
connection with the contents of this announcement or any other matter referred
to herein. Cenkos Securities plc is not responsible for the contents of this
announcement. This does not exclude or limit any responsibilities which Cenkos
Securities plc may have under the Financial Services and Markets Act 2000 or
the regulatory regime established thereunder.