Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 30 September 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                    1.3%      5.5%      5.9%        26.9%
Share price                        0.5%      1.0%      2.8%        16.1%
Russell 1000 Value Index           0.3%      5.3%      7.9%        43.8%

Source: BlackRock

At month end

Net asset value - capital only:                 116.08p
Net asset value - cum income:                   117.05p
Share price:                                    109.00p
Discount to cum income NAV:                        6.9%
Net yield*:                                        3.7%
Total assets including current year revenue:    £117.5m
Target annual dividend:                            4.0p
Gearing:                                           1.9%
Options overwrite:                               18.39%
Ordinary shares in issue:                   100,361,305
Ongoing charges**:                                 1.4%

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

** 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 2013.

Benchmark

Sector Analysis                    Total Assets (%)

Financials                                    26.9
Industrials                                   15.0
Energy                                        12.2
Health Care                                   10.2
Consumer Discretionary                         8.9
Information Technology                         7.7
Consumer Staples                               7.6
Materials                                      6.0
Utilities                                      5.2
Telecommunication Services                     2.2
Net current liabilities                       (1.9)
                                             ----- 
                                             100.0
                                             =====

Country Analysis                   Total Assets (%)

USA                                           96.1
Canada                                         2.1
France                                         1.4
United Kingdom                                 1.0
Australia                                      0.9
Netherlands                                    0.4
Net current liabilities                       (1.9)
                                             -----
                                             100.0
                                             =====

Ten Largest Investments (in alphabetical order)

Company                          Country of Risk

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

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

Performance

For the one month period ended 30 September 2014, the Company's NAV increased
by 1.3% and the share price increased by 0.5% (all in sterling). The Company's
benchmark, the Russell 1000 Value Index, increased by 0.3% for the period.

The largest contributor to relative performance was stock selection in the
industrials sector, as our overweight positions in the defence primes Raytheon,
Northrup Grumman, and Lockheed Martin benefited from geopolitical uncertainty.
This was followed by strong stock selection within the energy, consumer
discretionary and financials sectors. Additionally, stock selection in
information technology and materials added modestly to relative performance 
for the period.

The largest detractor from relative performance for the month was stock
selection within consumer staples. Our underweight to health care also
detracted modestly from relative returns, as did stock selection in the
telecommunication services and utilities sectors.

Transactions/Options

Transactions: In September, we increased our financials exposure by adding to
existing positions in Bank of America and MetLife. Additionally, we increased
our health care exposure by initiating a position in Becton Dickinson.
Conversely, we reduced our exposure to consumer staples during the month by
selling out of Kimberly-Clark. We eliminated our position in Kimberly-Clark due
to concerns of increased competition in some of their key product segments.

As of 30 September 2014, the Company's options exposure was 18.39% and the
delta of the options was 94.63%.

Positioning

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

Outlook

We remain constructive on the U.S. economy given improvements in U.S.
employment data and benign levels of inflation. Conversations with our
management teams and economic data points (consumer confidence, manufacturing,
etc.) continue to support our view that the U.S. economy is slowly gaining
strength. This economic improvement, the end of QE3, and ultimately Federal
action will likely cause interest rates (and volatility) to drift higher. As
the bounty of abundant liquidity is withdrawn, we expect profitable companies
with strong balance sheets, dominant competitive positions and consistent
earnings and dividend growth potential to outperform.

16 October 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.