Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 31 May 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               1.7        3.6     2.8     21.2
Share price                  -0.7        4.3    -4.5     13.9
Russell 1000 Value Index      2.1        4.8     5.7     35.7

Source: BlackRock

At month end

Net asset value - capital only:               112.25p
Net asset value - cum income:                 112.82p
Share price:                                  108.00p
Discount to cum income NAV:                      4.3%
Net yield*:                                      3.7%
Total assets including current year revenue:  £113.2m
Target annual dividend:                          4.0p
Gearing:                                         1.4%
Options overwrite:                             16.42%
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                                   23.7
Industrials                                  15.2
Energy                                       13.5
Consumer Discretionary                       10.1
Health Care                                   9.5
Consumer Staples                              9.0
Information Technology                        6.7
Materials                                     6.3 
Utilities                                     5.2
Telecommunication Services                    2.2
Net current liabilities                      (1.4)
                                            -----
                                            100.0
                                            =====

Country Analysis                  Total Assets (%)

USA                                          94.0
Canada                                        2.8
France                                        1.7
Australia                                     1.2
United Kingdom                                1.2
Netherlands                                   0.5
Net current liabilities                      (1.4)
                                            -----
                                            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
Pfizer                                        USA
Raytheon                                      USA
Wells Fargo                                   USA

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

Performance

For the one month period ended 31 May 2014, the Company's NAV increased by 1.7%
while the share price decreased by 0.7% (all in sterling). The Company's
benchmark, the Russell 1000 Value Index, increased by 2.1% for the period.

On a relative basis, the largest contributor to the Company's performance
during the month was a combination of stock selection and an underweight to the
financials sector. Stock selection in telecommunication services also proved
additive as non-benchmark holding, Verizon Communications, outperformed
benchmark peers. Stock selection in consumer staples and materials also
modestly added to relative returns for the period, as did an underweight to the
utilities sector.

The largest detractor from relative performance for the month was a combination
of stock selection and an underweight to information technology. Owning
non-benchmark holding International Business Machines (-5.0% in May) and not
owning Apple (+8.6% in May) proved costly. Stock selection in health care also
hurt relative returns, as did stock selection in the energy and consumer
discretionary sectors.

Transactions/Options

Transactions: In May we reduced the Company's exposure to the energy sector by
selling positions in Kinder Morgan and Royal Dutch Shell. We believe Kinder
Morgan's size is increasingly likely to put pressure on the company given the
immense project scale they will need to generate attractive returns. We also
believe that headline risk is likely to persist given recent pushback on the
firm's accounting practices and high income-paying corporate formation. In
regards to Royal Dutch Shell, we exited the position due to the firm's
significant liquid natural gas (LNG) exposure and the increasingly competitive
pressures the firm faces in the space.

As of 31 May 31 2014, the Company's options exposure was 16.42% and the delta
of the options was 90.29%.

Positioning

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

19 June 2014

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.