Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 28 February 2015 and unaudited.

Performance at month end with net income reinvested

                               One       Three       Six          Since
                             Month      months    months         launch
                                                           (24 Oct 2012)

Net asset value               2.3%        2.5%     10.8%          38.8%
Share price                   1.7%        1.9%     11.1%          28.4%
Russell 1000 Value Index      1.9%        2.6%     11.2%          59.4%

Source: BlackRock

At month end

Net asset value - capital only:                 125.06p
Net asset value - cum income:                   125.99p
Share price:                                    118.50p
Discount to cum income NAV:                        5.9%
Net yield*:                                        3.4%
Total assets including current year revenue:    £101.2m
Target yield:                                      4.0p
Gearing:                                            nil
Options overwrite:                               18.93%
Ordinary shares in issue:                    80,289,044
Ongoing charges**:                                 1.3%

*Based on dividends of 1p per share each declared on 14 May 2014, 13 August
2014, 6 November 2014 and 12 February 2015.

** 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                                  24.6
Industrials                                 16.0
Health Care                                 13.4
Energy                                       9.4
Consumer Discretionary                       8.1
Information Technology                       7.7
Consumer Staples                             7.5
Utilities                                    5.8
Materials                                    5.1
Telecommunication Services                   2.1
Net current assets                           0.3
                                           ----- 
                                           100.0
                                           =====

Country Analysis                 Total Assets (%)

USA                                         96.0
France                                       1.6
United Kingdom                               1.0
Australia                                    0.6
Canada                                       0.3
Netherlands                                  0.2
Net current assets                           0.3
                                           -----
                                           100.0
                                           =====

Ten Largest Investments

Company              Country of Risk       Total Assets(%)

Wells Fargo                      USA                  3.8
JPMorgan Chase                   USA                  3.3
Home Depot                       USA                  2.7
Comcast                          USA                  2.7
General Electric                 USA                  2.6
Pfizer                           USA                  2.6
Microsoft                        USA                  2.5
Merck                            USA                  2.2
Raytheon                         USA                  2.2
Bristol-Myers Squibb             USA                  2.0

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

Performance

For the one month period ended 28 February 2015 the Company's NAV increased by
2.3% while the share price increased by 1.7% (all in sterling terms with income
reinvested). The Company's benchmark, the Russell 1000 Value Index, increased
by 1.9% for the period.

The largest contributor to relative returns was stock selection in financials
as our underweight to real estate investment trusts ("REITs") and overweight to
the bank industry proved to be beneficial. Top portfolio contributors in
financials include our overweight to JPMorgan Chase (+9.5%) and Fifth Third
Bancorp (+8.8%). An underweight to utilities also added to relative
performance. Notably, the performance of utilities and REITs has been highly
correlated to long Treasury bonds in recent years and these sectors lagged
during February as interest rates trended higher.

The largest detractor from relative performance for the month was stock
selection in health care as our overweight to Merck and Bristol-Myers Squibb
proved to be costly. Other notable detractors included Diageo, a non-benchmark
holding in the beverages industry, and Intel, which lagged relative to
benchmark peers in the semiconductor industry.

Transactions/Options

Transactions: In February we increased our exposure to the information
technology sector by adding to existing positions in Microsoft and QUALCOMM. We
also increased our industrials exposure by adding to our position in Lockheed
Martin. Conversely, we reduced our consumer discretionary exposure by
eliminating our position in Johnson Controls and trimming our position in Home
Depot. Other notable buys and sells for the month include initiating a position
in utility, CMS Energy, and eliminating our position in American Tower, a U.S.
based real estate investment trust.

As at 28 February 2015, the Company's options exposure was 18.93% and the delta
of the options was 89.63%.

Positioning

The Company is currently overweight to the industrials, materials, consumer
discretionary and consumer staples sectors. We are underweight to the
financials, energy, health care, information technology and utilities sectors.
Despite relative underweights to financials, health care 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 March 2015

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.