Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc

All information is at 30 April 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               -2.5%      2.0%      5.7%          38.3%
Share price                   -1.7%      0.8%      6.7%          27.3%
Russell 1000 Value Index      -2.5%      2.0%      7.1%          59.5%

Source: BlackRock

At month end

Net asset value - capital only:                         124.00p
Net asset value - cum income:                           125.58p
Share price:                                            117.50p
Discount to cum income NAV:                                6.4%
Net yield*:                                                3.5%
Total assets including current year revenue:            £100.8m
Target yield:                                              4.3p
Gearing:                                                    Nil
Options overwrite:                                       16.17%
Ordinary shares in issue:                            80,289,044
Ongoing charges**:                                         1.3%

*Based on dividends of 1.10p per share declared on 6 May 2015 and 1.00p per
share each declared on 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                                           25.2
Industrials                                          15.3
Health Care                                          14.0
Energy                                                9.1
Consumer Discretionary                                8.6
Information Technology                                7.8
Consumer Staples                                      6.7
Utilities                                             5.8
Materials                                             4.9
Telecommunication Services                            2.7
Net current liabilities                              (0.1)
                                                    ----- 
                                                    100.0
                                                    =====

Country Analysis                          Total Assets (%)

USA                                                  96.5
France                                                1.7
United Kingdom                                        0.9
Australia                                             0.5
Canada                                                0.3
Netherlands                                           0.2
Net current liabilities                              (0.1)
                                                    -----
                                                    100.0
                                                    =====

Ten Largest Investments

Company                Country of Risk     Total Assets(%)

Wells Fargo                        USA                3.8
JPMorgan Chase                     USA                3.5
General Electric                   USA                2.7
Comcast                            USA                2.7
Microsoft                          USA                2.7
Pfizer                             USA                2.6
Home Depot                         USA                2.5
Merck                              USA                2.3
Bristol-Myers Squibb               USA                2.1
Raytheon                           USA                2.1

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

Performance

For the one month period ended 30 April 2015, the Company's NAV decreased by
-2.5% while the share price decreased by -1.7% (all in sterling). The Company's
benchmark, the Russell 1000 Value Index, declined by -2.5% for the period.

The largest contributor to relative returns was a combination of stock
selection and an underweight to financials. Notably, our underweight to real
estate investment trusts and stock selection in the banking industry proved to
be additive during the month. Stock selection in information technology also
boosted relative performance as our overweight to Microsoft benefited from
stronger than expected second quarter earnings. Lastly, stock selection in
health care and consumer discretionary added modestly to relative returns for
the period.

The largest detractor from relative performance for the month was stock
selection in industrials. Notably, our overweight to the aerospace and defence
contractors proved to be costly as Lockheed Martin (-11.2%), Raytheon (-8.0%)
and Northrop Grumman (-7.6%) all declined during April. An underweight to
energy and stock selection in telecoms, utilities and materials also modestly
hurt relative returns for the month.

Transactions/Options

Transactions: In April we increased our exposure to the telecommunication
services and consumer discretionary sectors by initiating positions in SK
Telecom and Dollar General, respectively. To fund these purchases we reduced
our cash allocation and reduced our exposure to consumer staples by selling
Wal-Mart from the portfolio.

As at 30 April 2015, the Company's options exposure was 16.17% and the delta of
the options was 94.33%.

Positioning

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

18 May 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.