Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 30 November 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%      8.1%     11.7%          35.4%
Share price                      5.6%      9.0%     10.6%          26.0%
Russell 1000 Value Index         4.3%      8.4%     14.5%          55.3%

Source: BlackRock

At month end

Net asset value - capital only:               123.21p
Net asset value - cum income:                 123.91p
Share price:                                  117.25p
Discount to cum income NAV:                      5.4%
Net yield*:                                      3.4%
Total assets including current year revenue:  £124.4m
Target yield:                                    4.0p
Gearing:                                         0.3%
Options overwrite:                             19.03%
Ordinary shares in issue:                 100,361,305
Ongoing charges**:                               1.3%

*Based on dividends of 1p per share each declared on 13 February 2014, 14 May
2014, 13 August 2014 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                                      27.0
Industrials                                     15.2
Health Care                                     10.7
Energy                                           9.4
Consumer Discretionary                           9.3
Information Technology                           7.6
Consumer Staples                                 7.6
Utilities                                        5.9
Materials                                        5.4
Telecommunication Services                       2.2
Net current liabilities                         (0.3)
                                               -----
                                               100.0
                                               =====

Country Analysis                     Total Assets (%)

USA                                             96.3
France                                           1.2
Canada                                           1.1
United Kingdom                                   1.0
Australia                                        0.5
Netherlands                                      0.2
Net current liabilities                         (0.3)
                                               -----
                                               100.0
                                               =====

Ten Largest Investments

Company              Country of Risk    % of Total Assets

Wells Fargo                      USA                  3.8
JPMorgan Chase                   USA                  3.4
Comcast                          USA                  3.0
General Electric                 USA                  2.7
Home Depot                       USA                  2.7
Microsoft                        USA                  2.4
Merck                            USA                  2.3
Pfizer                           USA                  2.3 
Chevron                          USA                  2.2
Raytheon                         USA                  2.2

Bob Shearer and Tony De Spirito, representing the Investment Manager, noted:

Performance

For the one month period ended 30 November 2014, the Company's NAV increased by
3.4% while the share price increased by 5.6% (all returns in sterling terms and
on a total return basis). The Company's benchmark, the Russell 1000 Value
Index, increased by 4.3% 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 exploration & production industries proved
to be beneficial. Stock selection in utilities and industrials also added
modestly to relative performance for the period.

The largest detractor from relative performance for the month was stock
selection in the information technology sector. Specifically, our ownership of
non-benchmark holding Qualcomm and not owning benchmark holdings such as Cisco
Systems, Yahoo and Hewlett-Packard dragged on relative returns. Stock selection
in consumer discretionary also hurt relative returns for the period, as
benchmark automobile manufacturers benefited from lower crude oil prices and
benchmark retailer Target rallied after exceeding third quarter earnings
expectations. Lastly, stock selection in consumer staples and financials also
detracted from relative performance for the month.

Transactions/Options

Transactions: In November we increased our exposure to Procter & Gamble and
conversely reduced our position in Unilever. Other portfolio transactions
during the month included selling out of Mattel and trimming our position in
BHP Billiton. 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 at 30 November 2014, the Company's options exposure was 19.3% and the delta
of the options was 88.8%.

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.

17 December 2014

Latest information is available by typing 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.