Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 31 March 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              2.4        0.3      6.9            19.8
Share price                  3.4       -2.9      0.0            12.9
Russell 1000 Value Index     2.9        2.3     10.1            33.3

Source: BlackRock

At month end

Net asset value - capital only:                111.68p
Net asset value - cum income:                  112.50p
Share price:                                   108.00p
Discount to cum income NAV:                       4.0%
Net yield*:                                       3.7%
Total assets including current year revenue:   £114.6m
Target annual dividend:                           4.0%
Gearing:                                          2.2%
Options overwrite:                              18.96%
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                                     24.4
Industrials                                    14.9
Energy                                         14.3
Health Care                                     9.8
Consumer Discretionary                          9.6
Consumer Staples                                8.7
Information Technology                          6.8
Materials                                       6.4
Utilities                                       5.2
Telecommunication Services                      2.1
Net current liabilities                        -2.2
                                              ----- 
                                              100.0
                                              =====

Country Analysis                   Total Assets (%)

USA                                           94.6
Canaada                                        2.8
France                                         1.6
Australia                                      1.2
United Kingdom                                 1.2
Netherlands                                    0.8
Net current liabilities                       -2.2
                                             -----
                                             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 March 2014, the Company posted a 2.4%
increase in its NAV while the share price increased by 3.4% (all in sterling).
The Company's benchmark, the Russell 1000 Value Index, gained 2.9% for the
period.

On a relative basis, the largest contributor to the Company's performance
during the month was stock selection in the information technology sector.
Leading contributors in tech included Microsoft (+7.6%), International Business
Machines (+4.5%) and QUALCOMM (+5.8%). Stock selection in consumer
discretionary, energy and industrials also added to relative returns for the
period.

The largest detractor from relative performance for the month was stock
selection in the telecommunication services sector. A combination of stock
selection and an overweight to materials also hurt relative returns, as did a
combination of stock selection and an underweight to financials. Stock
selection in health care and consumer staples also marginally detracted from
relative performance in March.

Transactions/Options

Transactions: During the month we initiated a position in Bank of America and
increased our exposure to International Business Machines and Total.
Conversely, we trimmed our exposure to ACE and Coca-Cola.

Options: As of 31 March 2014, the Company's options exposure was 18.96% and the
delta of the options was 91.87%.

Current Outlook & Positioning

After an exceptionally strong 2013 for US markets, the first quarter of 2014
was underscored by an increase in volatility and mixed signals in key economic
indicators. Strong January retail sales figures were augmented by a good GDP
report in February and then softened by weaker confidence data toward the end
of the month. On the international side, an emerging market credit scare caused
a selloff during the middle of the quarter and geopolitical tensions escalated
with Russia putting additional pressure on global and multinational equities.
At the same time, US companies guided lower on earnings and raised questions
about the state of the consumer given weaker volumes during the quarter. Severe
weather in the United States also muddied the waters, making it harder to
discern true weakness from the impact of winter storms.

All of these events, however, are taking place within the reaches of an
economic recovery where broader data has improved substantially. For this
reason, we are constructive on the ability of corporations to continue to
generate cash, especially in the mega-cap space, where many firms are well
positioned to thrive in a slower-growth environment. This could lead to
companies exceeding (slightly lower) earnings expectations, setting the stage
for stronger markets later in the year. For the time being, we expect dividend
growth to be an important consideration for investors and remain attentive to
overall volatility, rising rates, valuation, market correlations and inflation.

Our largest absolute allocations in the Company are to the financials,
industrials, energy and health care sectors, with smaller exposures to telecoms,
utilities, materials and information technology. The Company remains positioned
in high quality stocks, with an emphasis on affording relative protection and
income to shareholders.

22 April 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.