Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 30 April 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                 -0.5          3.3        1.6           19.1
Share price                      1.6          0.5       -1.5           14.7
Russell 1000 Value Index        -0.3          4.9        4.3           32.8

Source: BlackRock

At month end

Net asset value - capital only:                  110.81p
Net asset value - cum income:                    111.90p
Share price:                                     109.75p
Discount to cum income NAV:                         1.9%
Net yield*:                                         3.6%
Total assets including current year revenue:     £112.8m
Target annual dividend:                             4.0p
Gearing:                                            1.8%
Options overwrite:                                18.04%
Ordinary shares in issue:                    100,361,305

*based on dividends of 1p per share each declared on 13 February 2014, 14 May
2014, 6 August 2013 and 3 October 2013

Benchmark

Sector Analysis                        Total Assets (%)

Financials                                        23.5
Industrials                                       14.8
Energy                                            14.5
Consumer Discretionary                             9.8
Health Care                                        9.6
Consumer Staples                                   8.9
Information Technology                             6.8
Materials                                          6.5
Utilities                                          5.3
Telecommunication Services                         2.1
Net current liabilities                           (1.8)
                                                 ----- 
                                                 100.0
                                                 =====

Country Analysis                       Total Assets (%)

USA                                               94.0
Canada                                             2.8
France                                             1.7
Australia                                          1.3
United Kingdom                                     1.2
Netherlands                                        0.8
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 30 April 2014, the Company's NAV decreased by
0.5% while the share price increased by 1.6% (all in sterling). The Company's
benchmark, the Russell 1000 Value Index, declined 0.3% for the period in
sterling terms.

On a relative basis, the largest contributor to the Company's performance
during the month was a combination of stock selection and an underweight to the
health care sector. A combination of stock selection and an overweight to
consumer staples also added to relative returns, as did stock selection in the
consumer discretionary and materials sectors. An underweight to financials also
contributed modestly to relative performance for the month.

The largest detractor from relative performance for the month was a combination
of stock selection and an underweight to the energy sector. Stock selection in
industrials, as well as a combination of stock selection and an underweight to
utilities and information technology, also hurt relative returns. Stock
selection in telecommunication services and financials also detracted modestly
from relative performance in April.

Transactions/Options

Transactions: During the month we initiated a position in Nielsen NV, a global
media and analytics company which collects and distributes marketing
information on what consumers buy and watch. There are no additional
transactions to report for the period.

As at 30 April 2014, the Company's options exposure was 18.04% and the delta of
the options was 91.05%.

Positioning

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

19 May 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.