Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 31 January 2014 and unaudited.

Performance at month end with net income reinvested

                            One     Three     Six     Since
                          Month    months  months    launch
                                                  (24 Oct 2012)

Net asset value           -3.4%     -1.6%   -5.0%     15.4%
Share price               -1.8%     -2.0%   -5.2%     14.2%
Russell 1000 Value Index  -2.8%     -0.6%   -3.5%     26.6%

Source: BlackRock

At month end

Net asset value - capital only:              108.34p
Net asset value - cum income:                109.34p
Share price:                                 110.25p
Premium to cum income NAV:                      0.8%
Net yield*:                                     3.6%
Total assets including current year revenue: £109.7m
Target yield**:                                4.00%
Gearing:                                        1.2%
Options overwrite:                            17.37%
Ordinary shares in issue:                100,361,305

During the month, the Company has issued 600,000 shares for proceeds of £0.7m.

*based on dividends of 1p per share each declared on 14 February 2013, 14 May
2013, 6 August 2013 and 3 October 2013

** based on issue price of 100p

Benchmark

Sector Analysis                   Total Assets (%)

Financials                                   24.0
Industrials                                  14.9
Energy                                       13.8
Consumer Discretionary                        9.9
Health Care                                   9.6
Consumer Staples                              8.9
Materials                                     6.4
Information Technology                        5.7
Utilities                                     5.2
Telecommunication Services                    3.4
Net current liabilities                      -1.8
                                            ----- 
                                            100.0
                                            =====

Country Analysis                 Total Assets (%)

USA                                         94.6
Canada                                       2.7
France                                       1.5
Australia                                    1.2
United Kingdom                               1.2
Netherlands                                  0.3
Peru                                         0.3
Net current liabilities                     -1.8
                                           -----
                                           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
Pfizer                                     USA
Raytheon                                   USA
Wells Fargo                                USA

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

Performance

For the one month period ended 31 January 2014, the Company posted a 3.4%
decrease in its NAV while the share price declined by 1.8% (all in sterling).
The Company's benchmark, the Russell 1000 Value Index, declined 2.8% for the
period.

On a relative basis, the largest contributor to the Company's performance
during the month was stock selection in industrials. Raytheon led relative
contributors in the sector as shares of the stock rallied after the firm beat
fourth quarter earnings estimates and issued a stronger than expected
international growth outlook. Stock selection in consumer discretionary also
boosted relative performance, particularly in the media industry, as Comcast
outperformed many of its benchmark media peers. Stock selection in
telecommunication services, energy and materials also modestly added to
relative returns for the period.

The largest detractor from relative performance for the month was a combination
of stock selection and an underweight to financials. Not owning Bank of
America, a benchmark holding, and weaker stock performance in the insurance
industry were the primary drivers of underperformance in the sector. A
combination of stock selection and an underweight to health care also hurt
relative returns, as did a combination of stock selection and an overweight to
consumer staples. Notably, multi-national consumer staples holdings in the
portfolio such as Philip Morris, Coca-Cola and Diageo served as a drag on
performance on fears of an emerging market slowdown. Other modest detractors
from relative performance for the month include an overweight to the consumer
discretionary, industrials and materials sectors.

Transactions/Options

Transactions: For the month of January we increased our exposure to financials,
with notable purchases including CME and Morgan Stanley. Conversely, we reduced
our exposure to consumer staples by selling Lorillard and trimming our position
in Philip Morris. Other notable transactions in January include buying holdings
in Lockheed Martin and CSX as well as selling Deere & Company and Public
Service Enterprise Group.

As of 31 January 2014, the Company's options exposure was 17.37% and the delta
of the options was 95.46%.

Positioning

The Company is currently overweight to the industrials, materials, consumer
discretionary, consumer staples and telecommunication services sectors. We are
underweight to the financials, health care, information technology, utilities
and energy sectors.

18 February 2014

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.