New Long-Term Fixed Rate Borrowing

THE NORTH AMERICAN INCOME TRUST PLC ("the Company")

Legal Entity Identifier (LEI): 5493007GCUW7G2BKY360

20 November 2020

New long-term fixed rate borrowing

The Board of The North American Income Trust plc (the "Company") announces that it has accepted a conditional offer (that is subject to diligence and agreement of legal documentation) to issue a US$25 million 10 year Senior Unsecured Loan Note at an annualised interest rate of 2.70% and a US$25 million 15 year Senior Unsecured Loan Note at an annualised interest rate of 2.96% (together, the "Loan Notes"). The blended rate for the first ten years of the Loan Notes will be 2.83%. The Loan Notes will be unsecured and unlisted.

The Company intends to use the proceeds of the Loan Notes to repay, and cancel in full, the US$75 million three year uncommitted multi-currency revolving loan facility with Scotiabank (Ireland) Designated Activity Company, of which US$40 million is currently drawn. The remainder of the proceeds will be available for the Company's investment manager, Aberdeen Asset Management Inc., to invest on behalf of the Company. It is expected that the funding date will be on or around 21 December 2020.

James Ferguson, Chairman said:

"The Board is pleased to be able to secure new debt funding for the Company for the longer term at such attractive rates. The Company remains committed to using gearing as one of the principal advantages of the Company's investment trust structure and believes that the ability to gear for the long term should help enhance long-term total returns for shareholders."

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Contacts

Aberdeen Standard Investments

Evan Bruce-Gardyne

07720 073216