Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 31 January 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           -0.6%      3.6%     13.7%         35.7%
Share price                0.2%      5.8%     14.3%         26.3%
Russell 1000 Value Index  -0.3%      5.0%     15.0%         56.4%

Source: BlackRock

At month end

Net asset value - capital only:                 123.00p
Net asset value - cum income:                   124.13p
Share price:                                    117.50p
Discount to cum income NAV:                        5.3%
Net yield*:                                        3.4%
Total assets including current year revenue:    £124.6m
Target yield:                                      4.0p
Gearing:                                            nil
Options overwrite:                               16.96%
Ordinary shares in issue:                   100,361,305
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                                         24.8
Industrials                                        15.2
Health Care                                        13.4
Energy                                              9.5
Consumer Discretionary                              8.6
Consumer Staples                                    7.5
Information Technology                              7.0
Utilities                                           5.9
Materials                                           5.1
Telecommunication Services                          2.1
Net current assets                                  0.9
                                                  ----- 
                                                  100.0
                                                  =====

Country Analysis                       Total Assets (%)

USA                                               95.5
France                                             1.6
United Kingdom                                     1.0
Australia                                          0.5
Canada                                             0.3
Netherlands                                        0.2
Net current assets                                 0.9
                                                 -----
                                                 100.0
                                                 =====

Ten Largest Investments

Company          Country of Risk        Total Assets(%)

Wells Fargo                  USA                   3.8
JPMorgan Chase               USA                   3.1
Home Depot                   USA                   2.9
General Electric             USA                   2.6
Comcast                      USA                   2.5
Merck                        USA                   2.4
Pfizer                       USA                   2.4
Du Pont                      USA                   2.2
Raytheon                     USA                   2.1
Microsoft                    USA                   2.1

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

Performance

For the one month period ended 31 January 2015, the Company's NAV decreased by
0.6% while the share price increased by 0.2% (all in sterling terms). The
Company's benchmark, the Russell 1000 Value Index, decreased by 0.3% for the
period.

The largest contributor to relative performance was stock selection in consumer
staples as portfolio holdings Kroger Co. (+11.6%) and Diageo plc (+7.5%)
outperformed benchmark peers. Stock selection in the energy and industrials
sectors also added to relative returns, led by Total SA and Northrop Grumman,
respectively. Lastly, stock selection in consumer discretionary contributed
modestly to relative returns for the period.

The largest detractor from relative performance was stock selection in
financials. Notably, stock selection in the bank and insurance industries
proved to be costly as did our underweight in real estate investment trusts
(REITs). An underweight in the health care sector also detracted from relative
performance for the period, as did stock selection in information technology.

Transactions/Options

Transactions: In January, we increased our exposure to the health care sector
by initiating positions in Anthem and UnitedHealth Group. Conversely, we
reduced our utilities exposure by selling Duke Energy Corporation. Other
notable sales for the month included Toronto-Dominion Bank, a Canada-based
money centre bank, and General Mills.

As of 31 January 2015, the Company's options exposure was 17.0% and the delta
of the options was 94.4%.

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 financials, utilities,
information technology, energy and health care 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.

16 February 2015

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.