Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 30 June 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%       0.4%     0.7%      20.3%
Share price                  0.9%       1.9%    -1.1%      15.0%
Russell 1000 Value Index     0.7%       2.5%     4.9%      36.6%

Source: BlackRock

At month end

Net asset value - capital only:              111.05p
Net asset value - cum income:                111.93p
Share price:                                 109.00p
Discount to cum income NAV:                     2.6%
Net yield*:                                     3.7%
Total assets including current year revenue: £112.4m
Target annual dividend:                         4.0p
Gearing:                                        1.5%
Options overwrite:                            18.35%
Ordinary shares in issue:                100,361,305

*based on dividends of 1p per share each declared on 13 February 2014,
14 May 2014, 6 August 2013, and 3 October 2013

Benchmark

Sector Analysis                     Total Assets (%)

Financials                                     23.9
Industrials                                    15.0
Energy                                         13.6
Consumer Discretionary                         10.1
Health Care                                     9.4
Consumer Staples                                8.8
Information Technology                          6.8
Materials                                       6.2
Utilities                                       5.3
Telecommunication Services                      2.2
Net current liabilities                        (1.3)
                                              ----- 
                                              100.0
                                              =====

Country Analysis                    Total Assets (%)

USA                                            93.9
Canada                                          2.7
France                                          1.8
Australia                                       1.2
United Kingdom                                  1.2
Netherlands                                     0.5
Net current liabilities                        (1.3)
                                              -----
                                              100.0
                                              =====

Ten Largest Investments(in alphabetical order)

Company                             Country of Risk

Chevron                                         USA
Comcast                                         USA
Exxon Mobil                                     USA
General Electric                                USA
Home Depot                                      USA
JPMorgan Chase                                  USA
Merck                                           USA
Microsoft                                       USA
Pfizer                                          USA
Wells Fargo                                     USA

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

Performance

For the one month period ended 30 June 2014, the Company's NAV decreased by
0.8% whilst the share price increased by 0.9% (all in sterling). The Company's
benchmark, the Russell 1000 Value Index, increased by 0.7% for the period.

On a relative basis, the largest contributor to relative performance was stock
selection in the financials sector. Top relative contributors in the space
include our overweight to Prudential Financial, and not owning benchmark
holding, Berkshire Hathaway. Stock selection in consumer staples also proved
additive during June, as did our overweight to the materials sector.

The largest detractor from relative performance for the month was a combination
of stock selection and an overweight to industrials. Specifically, our
overweight to aerospace & defence companies such as Raytheon, United
Technologies, Northrop Grumman and Lockheed Martin proved costly. Stock
selection in information technology, energy, materials and health care also
hurt relative returns for the period.

Transactions/Options

Transactions: In June we sold out of a small position in Olin Corporation, a
specialty chemicals company. Additionally, we reduced our cash weighting and
added modestly to existing positions in American Express and Union Pacific.

As of 30 June 2014, the Company's options exposure was 18.35% and the delta of
the options was 93.01%.

Positioning & Outlook

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

As we enter the second half of the year we remain highly attentive to the
direction of U.S. interest rates, overall levels of domestic equity valuation
and volatility, and inflation indicators. We are confident the portfolio is
well structured to provide competitive returns on the upside, but with careful
consideration for capital preservation and growth of income as well.

17 July 2014

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.