Portfolio Update

BLACKROCK INCOME STRATEGIES TRUST PLC
All information is at 30 April 2015 and unaudited.

Performance at month end with net income reinvested

                        One    Three     One   Three    Five            Since
                      Month   months    year   years   years   appointment of
                                                                    Incumbent
                                                                     Manager*
Share price            0.0%     1.3%   -2.2%   21.2%   43.5%            -2.0%
Net asset value        0.3%     3.1%    2.2%   28.4%   38.8%            -1.7%
CPI                    0.2%     0.7%     N/A     N/A     N/A             0.4%

Sources: BlackRock

*BlackRock took over the investment management of the Company with effect from
27 February 2015.

At month end
Net asset value incl. Income (debt at fair value:    141.12p
Share price:                                         131.25p
Discount to Cum Income NAV (debt at fair value):        7.0%
Total assets (including income):                     £481.5m
Net yield**:                                            4.9%
2014 Ongoing charges ratio***:                         0.65%

** yield calculations are based on dividends announced in the last 12 months as
at 30 April 2015.

*** Calculated as a percentage of average net assets and using expenses
excluding interest costs for the year ended 30 September 2014.

Asset Allocation                      % of portfolio assets

Developed Market Equities                             56.40
Emerging Market Equities                               2.44
Government Bonds                                       2.07
Non-government Bonds                                  12.37
Other Derivatives (fair value)                         0.24
Cash (including cash held to back derivatives)        26.48
                                                     ------
                                                     100.00
                                                     ======

Geographical Analysis                 % of portfolio assets
 
Europe                                                16.35
United Kingdom                                        50.06
North America                                          2.36
Emerging Markets                                       4.51
Cash (including cash held to back derivatives)        26.72
                                                     ------
                                                     100.00
                                                     ======

Commenting on the markets, Adam Ryan, representing the Investment Manager
noted:

During the month of April, the Company benefitted from broad equity market
exposure with both UK and European stocks assisting performance. Bond market
volatility increased during the month, but the portfolio was reasonably well
insulated due to the low weighting to government bonds. Within fixed income,
the positive impact of owning Brazilian debt was reduced by losses from
European bonds. Currency positioning was a mild detractor to performance in a
period that saw sterling appreciate versus the US dollar. The immediate
reaction to the UK election has been positive for UK risk assets but the medium
term outlook will be more challenging and we have elected to take small profits
on some of our more cyclical UK positions. We continue to focus on increasing
the breadth of asset classes held within the portfolio.

Gearing and Cash
Gross gearing at 30 April 2015 was 14.1% via the Company's 6.25% Bonds 2031.
Total borrowings (including the Bonds) would not normally be expected to exceed
20 per cent of shareholders' funds. The portfolio is not currently geared
through the use of derivatives but the team will consider increasing exposure
when suitable opportunities arise. Total gearing, including net derivative
exposure, would not normally be expected to result in a net economic equity
exposure in excess of 120 per cent.

Offsetting total borrowings, approximately 26.7% of the Company's portfolio is
held in physical cash, of which a portion is held to cover derivative exposures.
This cash weighting reflects our cautious positioning in the current period of
heightened volatility. Cash also allows the Company to prepare for investment
opportunities that are on the horizon. When we look across asset classes, cash
is currently our preferred 'defensive asset', with other traditional means of
diversification (such as government bonds) not attractive due to low yields.
Given our broader positioning, we do not expect the cash allocation to reduce
our ability to deliver dividend growth in line with inflation over the long
term.

22 May 2015

ENDS

Latest information is available by typing www.blackrock.co.uk/bist 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 BlackRock's website (or any other
website) is incorporated into, or forms part of, this announcement.