Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 31 August 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            5.0%      3.4%    7.1%     25.3%
Share price                4.6%      1.4%    5.8%     15.6%
Russell 1000 Value Index   5.4%      5.6%   10.7%     43.3%

Source: BlackRock

At month end

Net asset value - capital only:                115.00p
Net asset value - cum income:                  115.57p
Share price:                                   108.50p
Discount to cum income NAV:                       6.1%
Net yield*:                                       3.7%
Total assets including current year revenue:   £116.0m
Target annual dividend:                           4.0p
Gearing:                                          1.8%
Options overwrite:                              18.19%
Ordinary shares in issue:                  100,361,305
Ongoing charges**:                                1.4%

During the month, the company has issued no shares.

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

** 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

Benchmark

Sector Analysis            Total Assets (%)

Financials                            25.4
Industrials                           14.8
Energy                                12.9
Health Care                            9.8
Consumer Discretionary                 9.4
Consumer Staples                       8.5
Information Technology                 7.4
Materials                              6.1
Utilities                              5.3
Telecommunication Services             2.2
Net current liabilities               (1.8)
                                     ----- 
                                     100.0
                                     =====

Country Analysis           Total Assets (%)

USA                                   95.6
Canada                                 2.2
France                                 1.5
Australia                              1.0
United Kingdom                         1.0
Netherlands                            0.5
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
Microsoft                             USA
Pfizer                                USA
Wells Fargo                           USA

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

Performance

For the one month ended 31 August 2014, the Company's NAV increased by 5.0% and
the share price increased by 4.6% (all in sterling). The Company's benchmark,
the Russell 1000 Value Index, increased by 5.4% for the period.

On a relative basis, the largest contributor to performance was stock selection
in the consumer discretionary sector. Our ownership of Home Depot (+17.6%), a
non-benchmark holding, proved particularly beneficial as the company's shares
rallied after beating analysts' earnings expectations and management boosted
their earnings outlook. Stock selection in the energy and telecommunication
services sectors also added modestly to relative returns for the month.

The largest detractor from relative performance for the period was stock
selection within financials. Not owning benchmark holding Berkshire Hathaway
(+9.4%), a non-dividend payer, proved costly after the firm posted strong Q2
results. Our overweight position to banks such as SunTrust Banks and Fifth
Third Bancorp also dampened relative returns for the period. Lastly, stock
selection in the information technology, materials and consumer staples sectors
also detracted from relative performance.

Transactions/Options

Transactions: In August, we increased our financials exposure by 1.1% by adding
to existing positions such as Bank of America, MetLife, Citigroup, Morgan
Stanley & SunTrust Banks. Additionally, we increased our weighting to Intel
Corporation during the month. Conversely, we reduced our exposure to consumer
discretionary by selling Walt Disney Company and trimming our exposure to V.F.
Corporation. We also modestly reduced our exposure to the energy, materials and
consumer staples sectors. Notable trims included Enbridge, BHP Billiton,
Coca-Cola, Philip Morris, General Mills and Diageo.

As at 31 August 2014, the Company's options exposure was 18.19% and the delta
of the options was 89.93%.

Positioning

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

Conversations with our management teams and economic data points (employment,
housing, manufacturing, etc.) continue to support our view that the US economy
is slowly gaining strength. This economic improvement, the end of QE3, and
ultimately Federal action is likely to cause interest rates (and volatility) to
drift higher. As the bounty of abundant liquidity is withdrawn, we expect
profitable companies with strong balance sheets, dominant competitive positions
and consistent earnings and dividend growth potential to outperform.

19 September 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.