Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 31 July 2013 and unaudited.

Performance at month end with net income reinvested

                                  One month    Since launch
                                               (24 Oct 2012)

Net asset value                       +4.2%          +21.5%
Share price                           +3.4%          +20.5%
Russell 1000 Value Index              +4.3%          +31.1%

Source: BlackRock

At month end

Net asset value - capital only:                       116.22p
Net asset value - cum income:                         117.23p
Share price:                                          118.38p
Premium to cum income NAV:                               1.0%
Net yield*:                                             1.69%
Total assets including current year revenue:          £99.04m
Target yield**:                                         4.00%
Gearing:                                                 0.0%
Options overwrite:                                     17.48%
Ordinary shares in issue:                          84,488,500

During the month, the company has issued 4,150,000 shares for proceeds of £4.9m

*based on dividends of 1p per share each declared on 14 February 2013 and
14 May 2013

** based on issue price of 100p

Benchmark

Sector Analysis                              Total Assets (%)

Financials                                              21.2
Energy                                                  14.0
Industrials                                             13.3
Consumer Staples                                        12.3
Consumer Discretionary                                   9.6
Health Care                                              9.1
Materials                                                7.0
Utilities                                                6.7
Information Technology                                   4.5
Telecommunication Services                               3.5
Net current liabilities                                 -1.2
                                                       ----- 
                                                       100.0
                                                       =====

Country Analysis                             Total Assets (%)

USA                                                     92.6
Canada                                                   2.7
Australia                                                1.6
Netherlands                                              1.4
France                                                   1.4
United Kingdom                                           1.3
Peru                                                     0.2
Net current liabilities                                 -1.2
                                                       -----
                                                       100.0
                                                       =====

Ten Largest Investments (in alphabetical order)

Company                         Country of Risk

Ace                                         USA
Chevron                                     USA
Comcast                                     USA
Exxon Mobil                                 USA
General Electric                            USA
Home Depot                                  USA
JP Morgan Chase                             USA
Merck                                       USA
Pfizer                                      USA
Wells Fargo                                 USA

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

Performance

For the one month period ended 31 July 2013, the Company posted a 4.2% increase
in its NAV while the shares appreciated by 3.4% (all in sterling). The
Company's benchmark, the Russell 1000 Value Index, returned 4.3%.

On a relative basis, the largest contributor to the Company's performance
during the period was stock selection in the materials sector. A combination of
stock selection and an overweight to the industrials sector also added to
returns, as did stock selection in the energy and utilities sectors.

The largest detractor from relative returns for the month was stock selection
in the consumer discretionary sector. Stock selection in the information
technology and consumer staples sectors also significantly hurt relative
returns, as did a combination of stock selection and an underweight to health
care. Lastly, stock selection in the financials sector detracted from relative
performance for the period.

Transactions/Gearing

Transactions: We initiated a position in International Paper Company (IP) given
our positive view on IP's ability to sustain its strong free cash flow
generation and grow its dividend. Additionally, we increased our insurance
industry exposure by initiating a position in MetLife, Inc. and increasing our
position in Prudential Financial, Inc. Conversely, we sold out of positions in
The Bank of Nova Scotia and Packaging Corporation of America. Additionally, we
reduced the Company's cash weighting during the month.

As of 31 July 2013, the Company's options exposure is 17.48% and the delta of
the options is 91.82%.

Positioning

The Company is currently overweight to the consumer staples, materials,
industrials, consumer discretionary and telecommunication services sectors. We
have a neutral weighting in utilities and remain underweight to the financials,
information technology, health care and energy sectors.

19 August 2013

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.