BLACKROCK NORTH AMERICAN INCOME TRUST plc (LEI: 549300WWOCXSC241W468)
    All information is at 31 October 2017 and unaudited.

    Performance at month end with net income reinvested

                                   One    Three      Six      One    Three     Since
                                 Month   Months   Months     Year    Years   Launch*
                                                                                    
    Net asset value               2.4%     2.8%     4.7%    11.5%    56.9%    105.4%
                                                                                    
    Share price                   3.5%     3.4%     3.2%     6.3%    59.1%     89.8%
                                                                                    
    Russell 1000 Value Index      1.8%     1.8%     2.7%     8.3%    51.7%    126.0%

    Source: BlackRock

    *Launched on 24 October 2012.
     

    At month end                                                                           
                                                                                           
    Net asset value - capital only:                                                 170.05p
                                                                                           
    Net asset value - cum income:                                                   171.75p
                                                                                           
                                                                                           
    Share price:                                                                    160.50p
                                                                                           
                                                                                           
    Discount to cum income NAV:                                                        6.6%
                                                                                           
    Net yield*:                                                                        3.1%
                                                                                           
                                                                                           
    Total assets including current year revenue:                                    £118.3m
                                                                                           
                                                                                           
    Gearing:                                                                            Nil
                                                                                           
                                                                                           
    Options overwrite:                                                                15.8%
                                                                                           
    Ordinary shares in issue**:                                                  68,874,044
                                                                                           
    Ongoing charges***:                                                                1.0%


    * Based on dividends of 1.20p per share declared on 21 February 2017 and 1.25p
    per share declared on 3 May 2017, 8 August 2017 and 2 November 2017.

    ** Excluding 31,487,261 ordinary shares held in treasury.

    *** Ongoing charges represent the management fee and all other operating
    expenses excluding interest as a % of average shareholders' funds for the year
    ended 31 October 2016.

    Benchmark                                                                   
                                                                                
    Sector Analysis                                             Total Assets (%)
                                                                                
    Financials                                                              27.2
                                                                                
    Health Care                                                             17.2
                                                                                
    Energy                                                                  10.9
                                                                                
    Information Technology                                                  10.2
                                                                                
    Industrials                                                              9.9
                                                                                
    Consumer Staples                                                         5.8
                                                                                
    Utilities                                                                5.5
                                                                                
    Materials                                                                3.6
                                                                                
    Consumer Discretionary                                                   3.5
                                                                                
    Telecommunication Services                                               2.3
                                                                                
    Net current assets                                                       3.9
                                                                                
                                                                           -----
                                                                                
                                                                           100.0
                                                                                
                                                                           =====

       

    Country Analysis                                            Total Assets (%)
                                                                                
    USA                                                                     78.7
                                                                                
    Netherlands                                                              4.3
                                                                                
    United Kingdom                                                           4.1
                                                                                
    Canada                                                                   3.0
                                                                                
    France                                                                   2.2
                                                                                
    Ireland                                                                  2.1
                                                                                
    Denmark                                                                  0.8
                                                                                
    South Korea                                                              0.5
                                                                                
    China                                                                    0.4
                                                                                
    Net current assets                                                       3.9
                                                                                
                                                                           -----
                                                                                
                                                                         100.0  
                                                                                
                                                                           =====

       

    Ten Largest Investments                                                         
                                                                                    
    Company                         Country of Risk            Total Assets (%)     
                                                                                    
    JPMorgan Chase                        USA                        4.0            
                                                                                    
    Bank of America                       USA                        3.9            
                                                                                    
    Citigroup                             USA                        3.7            
                                                                                    
    Pfizer                                USA                        3.7            
                                                                                    
    Oracle                                USA                        3.1            
                                                                                    
    Wells Fargo                           USA                        2.9            
                                                                                    
    Anthem                                USA                        2.5            
                                                                                    
    DowDuPont                             USA                        2.3            
                                                                                    
    Microsoft                             USA                        2.1            
                                                                                    
    Suncor Energy                        Canada                      1.9            

    Tony DeSpirito, Franco Tapia and David Zhao representing the Investment
    Manager, noted:

    For the one month period ended 31 October 2017 the Company's NAV increased by
    2.4% while the share price increased by 3.5% (all in sterling). The Company's
    benchmark, the Russell 1000 Value Index, returned 1.8% for the period. 

    The largest contributor to relative performance during the month was stock
    selection in the telecommunications sector. Notably, our decision not to own
    benchmark holding AT&T Inc. proved to be beneficial. In consumer staples, stock
    selection and an underweight to the food & staples retailing industry and our
    underweight to the household products industry also boosted relative returns. A
    combination of stock selection and allocation decisions in the information
    technology sector and stock selection in health care and financials also
    contributed to relative performance during the month.

    The largest detractor from relative performance was the portfolio's cash
    position. Stock selection in utilities also proved to be costly, most notably
    due to our overweight to PG&E Corporation within the electric utilities
    industry. Lastly, in consumer discretionary, stock selection in the media
    industry and our overweight position in the leisure products industry dampened
    relative performance.

    Transactions/Options

    Transactions: Notable portfolio transactions during the month included
    initiating new positions in Novo Nordisk, The Charles Schwab Corporation and
    Pioneer Natural Resources Company. Notable sales during the month included the
    elimination of our position in The Coca-Cola Company and trimming our positions
    in General Electric Company and Occidental Petroleum Corporation.

    Options:  As of 31 October 2017 the Company's options exposure was 15.8% and
    the delta of the options was 87.8. 

    Positioning

    As of period end, the Company's largest overweight positions relative to the
    benchmark were in the health care, information technology and financials
    sectors.  The Company's largest underweight positions relative to the benchmark
    were in the real estate, consumer discretionary and consumer staples sectors.

    Source: BlackRock.

    14 November 2017

    Latest information is available by typing 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.