Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 31 March 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%        4.0%     11.9%          41.9%
Share price                       0.8%        2.8%     11.5%          29.5%
Russell 1000 Value Index          2.7%        4.3%     13.8%          63.6%

Source: BlackRock

At month end

Net asset value - capital only:                     127.51p
Net asset value - cum income:                       128.86p
Share price:                                        119.50p
Discount to cum income NAV:                            7.3%
Net yield*:                                            3.3%
Total assets including current year revenue:        £103.5m
Target yield:                                          4.0p
Gearing:                                                nil
Options overwrite:                                   17.14%
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                                        24.7
Industrials                                       15.9
Health Care                                       14.3
Energy                                             8.7
Consumer Discretionary                             8.1
Information Technology                             7.4
Consumer Staples                                   7.1
Utilities                                          6.0
Materials                                          4.8
Telecommunication Services                         2.1
Net current assets                                 0.9
                                                 ----- 
                                                 100.0
                                                 =====

Country Analysis                       Total Assets (%)

USA                                               95.6
France                                             1.5
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              3.4
Home Depot                      USA              2.7 
Comcast                         USA              2.6
Pfizer                          USA              2.6
General Electric                USA              2.5
Microsoft                       USA              2.3
Raytheon                        USA              2.3
Merck                           USA              2.2
Bristol-Myers Squibb            USA              2.2

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

Performance

For the one month period ended 31 March 2015, the Company's NAV increased by 2.3%
while the share price rose by 0.8% (all in sterling). The Company's benchmark,
the Russell 1000 Value Index, increased by 2.7% for the period.

The largest contributor to relative returns was stock selection in information
technology as owning non-benchmark holding Samsung Electronics and not owning
benchmark holdings Cisco Systems and Hewlett-Packard proved to be beneficial.
Stock selection in industrials also added to relative returns as our overweight
to defense contractors, Raytheon and Lockheed Martin, continued to benefit from
a positive inflection in U.S. defense spending. Additionally, stock selection
in telecommunication services added to relative performance for the month.

The largest detractor from relative performance in March was stock selection in
consumer discretionary. Notable detractors include our overweight to Comcast
Corporation (-0.5%) and underweight to multiline retailers, including Target
Corporation and Kohl's Corporation. A combination of stock selection and an
underweight to financials also hurt relative returns. Our underweight to real
estate investment trusts (REITs) proved to be a headwind, as did portfolio
holding American Express, which underperformed sector peers during the month.

Transactions/Options

Transactions: In March we increased our exposure to health care by adding to
existing positions in Quest Diagnostics and Bristol-Myers Squibb. We also added
to our existing position in U.S. Bancorp. Conversely, we reduced our energy and
materials exposure by trimming positions in Chevron, Exxon Mobil, and E.I. du
Pont. We also eliminated our position in Kraft Foods Group, after news broke
that 3G Capital will acquire the company and merge it with H.J. Heinz. Kraft
rallied on the news and we subsequently sold the stock.

Positioning

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

20 April 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.