Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 28 February 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               1.4%     -0.8%    2.0%       17.0%
Share price                  -4.3%     -8.5%   -6.2%        9.2%
Russell 1000 Value Index      2.3%      0.8%    4.7%       29.5%

Source: BlackRock

At month end
Net asset value - capital only:              109.40p
Net asset value - cum income:                109.86p
Share price:                                 104.50p
Discount to cum income NAV:                     4.9%
Net yield*:                                     3.8%
Total assets including current year revenue: £110.3m
Target annual dividend:                        4.00p
Gearing:                                        2.3%
Options overwrite:                            16.65%
Ordinary shares in issue:                100,361,305

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

Benchmark
Sector Analysis                    Total Assets (%)

Financials                                     24.1
Industrials                                    14.9
Energy                                         14.1
Health Care                                     9.9
Consumer Discretionary                          9.8
Consumer Staples                                8.9
Information Technology                          6.7
Materials                                       6.6
Utilities                                       5.1
Telecommunication Services                      2.2
Net current liabilities                        -2.3
                                              ----- 
                                              100.0
                                              =====

Country Analysis                   Total Assets (%)

USA                                           94.9
Canada                                         2.6
France                                         1.7
Australia                                      1.3
United Kingdom                                 1.2
Peru                                           0.3
Netherlands                                    0.3
Net current liabilities                       -2.3
                                             -----
                                             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
Pfizer                                        USA
Raytheon                                      USA
Wells Fargo                                   USA

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

Performance

For the one month period ended 28 February 2014, the Company posted a 1.4%
increase in its NAV, whilst the share price declined by 4.3% (all in sterling).
The Company's benchmark, the Russell 1000 Value Index, gained 2.3% 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 overweight to
materials. Notable contributors in the sector included E.I. du Pont de Nemours
(+7.8%) and BHP Billiton (+5.7%). An overweight to the consumer discretionary
and financials sectors also aided relative returns for the month, as did stock
selection in telecommunication services.

The largest detractor from relative performance in February was stock selection
in the consumer discretionary sector. Notably, Comcast hurt returns as shares
in the company declined after they announced plans to merge with Time Warner
Cable in a $45.2 billion stock-for-stock transaction. We like the deal, despite
potential regulatory hurdles, and believe this will ultimately enhance
Comcast's economies of scale and leverage in negotiations with content
providers. A combination of stock selection and an underweight to health care
and information technology also hurt relative returns for the period, as did
stock selection in the energy, consumer staples and industrials sectors.

Transactions/Options

Transactions: For the month of February, we increased our exposure to
information technology through initiating a position in QUALCOMM Incorporated.
Conversely, we reduced our exposure to telecommunication services by selling AT
&T Inc.

As of 28 February 2014, the Company's options exposure was 16.65% and the delta
of the options was 92.03%.

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.

13 March 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.