Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 31 August 2013 and unaudited.

Performance at month end with net income reinvested

                                One month    Since launch
                                             (24 Oct 2012)

Net asset value                     -5.5%          +14.7%
Share price                         -3.3%          +16.5%
Russell 1000 Value Index            -5.7%          +23.6%

Source: BlackRock

At month end

Net asset value - capital only:                  109.31p
Net asset value - cum income:                    109.76p
Share price:                                     113.50p
Premium to cum income NAV:                          3.4%
Net yield*:                                        2.64%
Total assets including current year revenue:     £93.13m
Target yield**:                                    4.00%
Gearing:                                            0.4%
Options overwrite:                                18.17%
Ordinary shares in issue:                     84,488,500

The company has not issued any shares during the month.

*based on dividends of 1p per share each declared on 14 February 2013,
14 May 2013 & 6 August 2013

** based on issue price of 100p

Benchmark

Sector Analysis                        Total Assets (%)

Financials                                        21.3
Energy                                            14.2
Industrials                                       13.7
Consumer Staples                                  12.3
Consumer Discretionary                             9.6
Health Care                                        9.1
Materials                                          7.3
Utilities                                          6.2
Information Technology                             4.9
Telecommunication Services                         3.6
Net current liabilities                           -2.2
                                                 ----- 
                                                 100.0
                                                 =====

Country Analysis                       Total Assets (%)

USA                                               93.3
Canada                                             2.7
Australia                                          1.7
France                                             1.5
Netherlands                                        1.4
United Kingdom                                     1.3
Peru                                               0.3
Net current liabilities                           -2.2
                                                 -----
                                                 100.0
                                                 =====

Ten Largest Investments (in alphabetical order)

Company                               Country of Risk

Ace                                               USA
Chevron                                           USA
Comcast                                           USA
Exxon Mobil                                       USA
General Electric                                  USA
Home Depot                                        USA
JP Morgan Chase                                   USA
Merck                                             USA
Pfizer                                            USA
Wells Fargo                                       USA

Bob Shearer and Kathleen Anderson, representing the Investment Manager, noted:

Performance

For the one month period ended 31 August 2013 the Company posted a 5.5%
decrease in its NAV while the shares depreciated by 3.3% (all in sterling). The
Company's benchmark, the Russell 1000 Value Index, returned -5.7%.

On a relative basis, the largest contributor to the Company's performance
during the period was a combination of stock selection and an overweight in the
industrials sector, followed by strong stock selection and a large underweight
to the financial sector. Overweights in materials and consumer staples also
helped relative performance, as did stock selection in information technology
and health care.

The largest detractor from relative returns for the month was security
selection in the materials sector, followed by stock selection in both the
consumer discretionary and consumer staples sectors. Underweight positioning in
both information technology and energy also weighed on relative performance.

Transactions/Gearing

There were two transactions during the month. We initiated a position in
Motorola Solutions (MSI) and exited our position in American Electric Power
Company (AEP), which has a deteriorating competitive position and the threat of
markedly higher operating costs in the event that inflation returns to the
marketplace sooner rather than later.

As of 31 August 2013, the Company's options exposure is 18.17% and the delta of
the options is 96.34%.

Positioning

The Company is currently overweight to the consumer staples, materials,
industrials, consumer discretionary and telecommunication services sectors. We
have a neutral weighting in utilities and remain underweight to the financials,
information technology, health care and energy sectors.

17 September 2013

ENDS

Latest information is available by typing www.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.