Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 31 December 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                   0.8%       7.6%     13.5%         36.5%
Share price                       0.0%       8.5%      9.6%         26.0%
Russell 1000 Value Index          1.1%       9.2%     14.9%         56.9%

Source: BlackRock

At month end

Net asset value - capital only: 124.14p
Net asset value - cum income: 124.98p
Share price: 117.25p
Discount to cum income NAV: 6.2%
Net yield*: 3.4%
Total assets including current year revenue: £125.4m
Target yield: 4.0p
Gearing: nil
Options overwrite: 18.19%
Ordinary shares in issue: 100,361,305
Ongoing charges**: 1.3%

*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 2014.

Benchmark

Sector Analysis                    Total Assets (%)

Financials                                    27.5
Industrials                                   15.3
Health Care                                   10.4
Energy                                         9.6
Consumer Discretionary                         9.1
Consumer Staples                               7.4
Information Technology                         7.4
Utilities                                      6.1
Materials                                      5.1
Telecommunication Services                     2.0
Net current assets                             0.1
                                             ----- 
                                             100.0
                                             =====

Country Analysis                   Total Assets (%)

USA                                           96.1
France                                         1.1
Canada                                         1.1
United Kingdom                                 0.9
Australia                                      0.5
Netherlands                                    0.2
Net current assets                             0.1
                                             -----
                                             100.0
                                             =====

Ten Largest Investments

Company                Country of Risk      Total Assets(%)

Wells Fargo                        USA                 3.8
JPMorgan Chase                     USA                 3.5
Home Depot                         USA                 2.8
Comcast                            USA                 2.6
General Electric                   USA                 2.6
Microsoft                          USA                 2.3
Pfizer                             USA                 2.3
Chevron                            USA                 2.3
Raytheon                           USA                 2.2
Merck                              USA                 2.2

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

Performance

For the one month period ended 31 December 2014, the Company's NAV increased by
0.8% while the share price remained flat (all in sterling terms). The Company's
benchmark, the Russell 1000 Value Index, increased by 1.1% for the period.

The largest contributor to relative returns was stock selection in industrials.
Our position in non-benchmark 3M Company outperformed, driven by an upbeat 2015
outlook and a healthy 20% boost to its dividend, and our overweight to the
aerospace & defense industry proved to be beneficial as well. Stock selection
in the financials and materials sectors also modestly added to relative returns
for the period.

The largest detractor from performance was stock selection in the energy
sector, as non-benchmark holding Total SA lagged benchmark peers. Stock
selection in consumer staples also dragged on relative returns as Coca-Cola
underperformed after having its price target reduced by a sell-side analyst.
Lastly, stock selection in the health care and telecommunication services
sectors detracted from relative performance for the month.

Transactions/Options

Transactions: In December, we increased our exposure to the financials sector
by initiating a position in American International Group. We also modestly
increased our weightings to Samsung Electronics and Occidental Petroleum
Corporation. Conversely, we reduced our exposure to consumer discretionary by
trimming our position in Comcast and reduced our exposure to materials by
eliminating Southern Copper from the portfolio.

As of 31 December 31 2014, the Company's options exposure was 18.19% and the
delta of the options was 91.53%.

Positioning

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

16 January 2015

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.