Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 31 October 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           3.2%   9.7%     9.9%          30.9%
Share price               2.8%   8.0%     4.0%          19.3%
Russell 1000 Value Index  3.6%   9.6%    12.1%          49.0%

Source: BlackRock

At month end
Net asset value - capital only:              119.51p
Net asset value - cum income:                120.75p
Share price:                                 112.00p
Discount to cum income NAV:                     7.2%
Net yield*:                                     3.6%
Total assets including current year revenue: £121.2m
Target yield:                                   4.0%
Gearing:                                        0.0%
Options overwrite:                            17.34%
Ordinary shares in issue:                100,361,305
Ongoing charges**:                              1.4%

*Based on dividends of 1p per share each declared on 14 May 2014, 13 August
2014, 3 October 2013 and 6 November 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                   26.8
Industrials                  15.1
Health Care                  10.4
Energy                       10.3
Consumer Discretionary        8.9
Consumer Staples              7.4
Information Technology        7.3
Utilities                     6.0
Materials                     5.6
Telecommunication Services    2.2
                            ----- 
                            100.0
                            =====

Country Analysis         Total Assets (%)
USA                         95.3
France                       1.3
Canada                       1.1
United Kingdom               1.0
Australia                    0.9
Netherlands                  0.4
                           -----
                           100.0
                           =====

Ten Largest Investments

Company              Country of Risk           % of Total Assets
Wells Fargo          USA                       3.7
JPMorgan Chase       USA                       3.4
Comcast              USA                       2.9
General Electric     USA                       2.7
Home Depot           USA                       2.6
Chevron              USA                       2.5
Merck                USA                       2.3
Microsoft            USA                       2.3
Pfizer               USA                       2.3
Raytheon             USA                       2.2

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

Performance
For the one month period ended 31 October 2014, the Company's NAV increased by
3.2% while the share price increased by 2.8% (all in sterling and on a total
return basis). The Company's benchmark, the Russell 1000 Value Index, increased
by 3.6% for the period.

The largest contributor to relative performance was a combination of stock
selection and an underweight to the energy sector, as our large cap posture and
underweight to the oil services and offshore drillers proved to be beneficial.
Stock selection in consumer discretionary also added to relative performance.
Notably, shares of Home Depot rallied after the company beat quarterly earnings
estimates and cited a pick-up in U.S. home improvement spending. Stock
selection in telecommunication services also modestly added to relative
performance, as did our overweight to the industrials sector.

The largest detractor from relative performance for the month was stock
selection in the financials sector. Specifically, our active decision to own
large-cap diversified financials and insurers proved costly as benchmark
holdings in the real estate investment trusts (REITS) industry outperformed.
Stock selection in information technology also contributed to relative
underperformance as non-benchmark holding IBM lagged after reporting weaker 3Q
earnings. Lastly, a combination of stock selection and an underweight to the
health care and utilities sectors detracted from relative returns for the
month.

Transactions/Options
Transactions: In October we initiated new positions in Kroger, Goldman Sachs,
Lorillard, and Tyco International. Conversely, we sold out of positions in
Enbridge, M&T Bank and MeadWestvaco as well as reduced our exposure to United
Technologies, Mondelez International, and IBM. Overall, sector allocations
remained generally unchanged for the month, with a reduction to our energy
weighting resulting from the broad sell-off in the sector amid falling crude
oil prices.

As of 31 October 2014, the Company's options exposure is 17.34% and the delta
of the options is 88.92%.

Positioning
The Company is currently overweight to the industrials, consumer discretionary,
materials and consumer staples sectors. We are most underweight to the health
care, financials and information technology sectors. Despite relative
underweights to financials and information technology, we have increased our
exposure to these segments in recent months given stronger fundamentals, the
potential for dividend growth, and attractive valuations.

13 November 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.