Interim Management Statement

BLACKROCK NORTH AMERICAN INCOME TRUST PLC

Interim Management Statement -3 months to 31 July 2014

To the members of BlackRock North American Income Trust plc

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency Rules.
It should not be relied on by any other party for any other reason.

This interim management statement relates to the period from 1 May 2014 to 31
July 2014, and contains information that covers this period, and up to the date
of publication of this interim management statement.

The Company will invest predominantly in a diversified portfolio of equity
securities quoted in the U.S., with a focus on companies that pay and grow
their dividends. The Company may invest through an active options overlay
strategy utilising predominantly covered call options and may also hold other
securities from time-to-time including, inter alia, convertible securities,
fixed interest securities, preference shares, non-convertible preferred stock,
and depositary receipts.

Financial position as at 31 July 2014

Gross assets                                                     £111.7m
Net asset value per share (capital only)                         109.94p
Net asset value per share (including income)                     111.09p
Ordinary share price                                             104.75p
Ordinary shares in issue                                     100,361,305
Options overwrite                                                 17.85%
Actual gearing                                                      1.3%
Discount to NAV (1)                                                 5.7%
Net yield (2)                                                       3.8%
Target annual dividend                                              4.0p
Ongoing charges (3)                                                 1.4%

 1. based on Net Asset Value per share (including income)
   
 2. based on dividends of 1p per share each declared on 3 October 2013, 13
    February 2014, 14 May 2014 and 6 August 2014
   
 3. 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 2013
   
Performance

Cumulative Performance (%):

                                   One      Three        Six     Since launch
                                  Month     Months     Months      (24 October
                                                                        2012)
                                                                             
Net asset value                  -0.8%       0.2%       3.5%            19.4%
Share price                      -3.9%      -3.7%      -3.2%            10.5%
Russell 1000 Value Index         -0.4%       2.4%       7.4%            36.0%

Sources: BlackRock

All performance figures are in sterling terms on a total return basis with
income reinvested.

Country Analysis             Total Assets (%)

USA                                     93.9
Canada                                   2.7
France                                   1.5
Australia                                1.3
United Kingdom                           1.2
Netherlands                              0.5
Net current liabilities                 (1.1)
                                      ------
Total                                  100.0
                                      ======

Benchmark

Sector Analysis              Total Assets (%)

Financials                              24.0
Industrials                             14.6
Energy                                  13.4
Consumer Discretionary                   9.8
Health Care                              9.6
Consumer Staples                         8.8
Information Technology                   7.1
Materials                                6.4
Utilities                                5.2
Telecommunication Services               2.2
Net current liabilities                 (1.1)
                                       -----
Total                                  100.0
                                       =====

Ten Largest Investments (in alphabetical order)

Company                      Country of Risk

Chevron                                  USA
Comcast                                  USA
Exxon Mobil                              USA
General Electric                         USA
Home Depot                               USA
JPMorgan Chase                           USA
Merck                                    USA
Microsoft                                USA
Pfizer                                   USA
Wells Fargo                              USA

Material Events & Transactions

Material events or transactions, during the three months to 31 July 2014 and
from 1 August 2014 to the date of the publication of this report are set out
below. The Company was not involved in any material transactions during the
period other than the purchase and sale of securities undertaken in the normal
course of its business.

Share issues

The Company has issued no further shares during the period to 31 July 2014.

Fund Management Team

It was announced on 5 August 2014, that Tony DeSpirito has been appointed with 
immediate effect as a co-manager of the Company’s portfolio alongside Bob Shearer 
and Kathleen Anderson.

The investment objective and philosophy of the Company will not change and it will 
continue to seek income growth and superior risk-adjusted returns.  

Tony DeSpirito joins BlackRock as Managing Director and, together with Bob Shearer, 
Co-Head of BlackRock’s Equity Dividend team. He will also be co-portfolio manager for 
the BlackRock equity dividend strategies and related portfolios (with AUM of US$49.6 bn), 
responsible for portfolio construction and for oversight of investment team personnel. 
For the last 18 years, DeSpirito has been with Pzena Investment Management where he was 
Managing Principal, Portfolio Manager and a member of the firm’s Executive Committee.

Half Yearly Financial Report

The Company announced its half yearly financial results for the six months to
30 April 2014 on 12 June 2014.

Dividend declaration

It was announced on 14 May 2014 that the second quarterly interim dividend in
respect of the year to 31 October 2014 of 1.0p per ordinary share had been
declared by the Directors, payable on 2 July 2014 to holders of ordinary shares
on the register at the close of business on 23 May 2014 (ex-dividend date was
21 May 2014). It was announced on 6 August 2014 that the third quarterly
dividend in respect of the year to 31 October 2014 of 1.00p per ordinary share
had been declared by the Directors, payable on 2 October 2014 to holders of
ordinary shares on the register at the close of business on 15 August 2014
(ex-dividend date was 13 August 2014).

Alternative Investment Fund Managers Directive ("AIFMD")

On 2 July 2014 the Company announced that with immediate effect it had entered
into arrangements necessary to ensure compliance with the AIFMD.

The Company's board of Directors ("the Board") approved the appointment of
BlackRock Fund Managers Ltd ("BFM") as the Company's alternative investment
fund manager (the "AIFM") on the terms of and subject to the conditions of a
new investment management agreement between the Company and BFM. BFM was
approved as an AIFM by the UK's Financial Conduct Authority on 1 May 2014. The
Company's existing investment management agreement between the Company and
BlackRock Investment Management (UK) Limited ("BIM UK"), which is not
authorised as an AIFM, has been terminated.

The Board appointed BNY Mellon Trust & Depositary (UK) Limited (the
"Depositary") to act as the Company's depositary (as required by the AIFMD) on
the terms and subject to the conditions of a depositary agreement between the
Company, BFM and the Depositary.

BIM UK continues to act as Company Secretary to the Company and as the
Company's Investment Manager under a delegation agreement with BFM.

Net Asset Value

The Company announces its NAV on a daily basis, which can be accessed via
blackrock.co.uk/brna, under the "News" tab.

The unaudited net asset value for BlackRock North American Income Trust plc at
close of business on 9 September 2014 was:

Capital only 117.82p
Including current year income 118.52p XD

The Board is not aware of any other significant events or transactions, except
as disclosed herein, occurring between 1 August 2014 and the date of
publication of this interim management statement which would have a material
impact on the financial position of the Company.

Contact details:

Caroline Driscoll
Company Secretary
BlackRock Investment Management (UK) Limited

Tel: [phone]

10 September 2014

ENDS

Please note that more detailed performance information is available on the
Manager's website: blackrock.co.uk/brna. 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.