BLACKROCK NORTH AMERICAN INCOME TRUST plc (LEI: 549300WWOCXSC241W468)
    All information is at 31 August 2017 and unaudited.

    Performance at month end with net income reinvested

                                   One    Three      Six      One    Three     Since
                                 Month   Months   Months     Year    Years   Launch*
                                                                                    
    Net asset value               1.4%     2.5%    -0.6%    16.2%    61.8%    102.6%
                                                                                    
    Share price                   1.4%     2.8%    -2.4%    15.0%    61.0%     86.1%
                                                                                    
    Russell 1000 Value Index      1.1%     2.0%    -3.0%    13.4%    56.7%    124.6%

    Source: BlackRock

    *Launched on 24 October 2012.
     

    At month end                                                                           
                                                                                           
    Net asset value - capital only:                                                 168.40p
                                                                                           
    Net asset value - cum income:                                                   169.45p
                                                                                           
                                                                                           
    Share price:                                                                    157.38p
                                                                                           
                                                                                           
    Discount to cum income NAV:                                                        7.1%
                                                                                           
    Net yield*:                                                                        3.1%
                                                                                           
                                                                                           
    Total assets including current year revenue:                                    £116.7m
                                                                                           
                                                                                           
    Gearing:                                                                            nil
                                                                                           
                                                                                           
    Options overwrite:                                                                18.4%
                                                                                           
    Ordinary shares in issue**:                                                  68,874,044
                                                                                           
    Ongoing charges***:                                                                1.0%


    * Based on dividends of 1.20p per share declared on 3 November 2016, 21
    February 2017
    and 1.25p per share declared on 3 May 2017 and 8 August 2017.

    ** Excluding 31,487,261 ordinary shares held in treasury.

    *** 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 2016.

    Benchmark                                                                   
                                                                                
    Sector Analysis                                             Total Assets (%)
                                                                                
    Financials                                                              26.5
                                                                                
    Health Care                                                             16.3
                                                                                
    Industrials                                                             11.4
                                                                                
    Energy                                                                  10.6
                                                                                
    Information Technology                                                  10.2
                                                                                
    Consumer Staples                                                         6.3
                                                                                
    Utilities                                                                5.3
                                                                                
    Consumer Discretionary                                                   4.1
                                                                                
    Materials                                                                3.2
                                                                                
    Telecommunication Services                                               2.2
                                                                                
    Net current assets                                                       3.9
                                                                                
                                                                           -----
                                                                                
                                                                           100.0
                                                                                
                                                                           =====

       

    Country Analysis                                            Total Assets (%)
                                                                                
    USA                                                                     81.9
                                                                                
    Netherlands                                                              4.0
                                                                                
    United Kingdom                                                           3.6
                                                                                
    Canada                                                                   2.8
                                                                                
    France                                                                   2.1
                                                                                
    Ireland                                                                  0.8
                                                                                
    South Korea                                                              0.5
                                                                                
    China                                                                    0.4
                                                                                
    Net current assets                                                       3.9
                                                                                
                                                                           -----
                                                                                
                                                                         100.0  
                                                                                
                                                                           =====

       

    Ten Largest Investments                                                         
                                                                                    
    Company                         Country of Risk            Total Assets (%)     
                                                                                    
    JPMorgan Chase                        USA                        4.0            
                                                                                    
    Citigroup                             USA                        3.7            
                                                                                    
    Bank of America                       USA                        3.6            
                                                                                    
    Pfizer                                USA                        3.5            
                                                                                    
    Oracle                                USA                        3.0            
                                                                                    
    Wells Fargo                           USA                        2.5            
                                                                                    
    Anthem                                USA                        2.5            
                                                                                    
    Dow Chemical                          USA                        2.5            
                                                                                    
    Microsoft                             USA                        2.1            
                                                                                    
    Merck                                 USA                        2.1            

    Tony DeSpirito, Franco Tapia and David Zhao, representing the Investment
    Manager, noted:

    For the one month period ended August 31, 2017 the Company's NAV increased by
    1.4% while the share price increased by 1.4%. The Company's benchmark, the
    Russell 1000 Value Index, rose by 1.1% for the period (all performance figures
    in sterling terms and with income reinvested). 

    The largest contributor to relative performance during the month was stock
    selection in the health care sector. Notably, stock selection decisions in the
    health care providers & services industry proved to be beneficial. Stock
    selection in the energy sector also boosted relative returns, led by our
    decisions to underweight Exxon Mobil Corporation and to own non-benchmark
    holding Total SA. Lastly, stock selection in industrials and consumer staples
    contributed to relative performance during the month.

    The largest detractor from relative performance was stock selection in the
    financials sector. Notably, stock selection in the insurance industry proved to
    be costly, as did our decision not to own Berkshire Hathaway, a large benchmark
    holding that does not pay a dividend. Stock selection in information technology
    also weighed on relative performance, as did our underweight to the utilities
    sector during the month.

    Transactions/Options

    Transactions: Notable portfolio transactions during the month included
    initiating a new position in Humana and exiting our positions in The Allstate
    Corporation and Dominion Energy.

    Options:  As of 31 August 2017, the Company's options exposure was 18.4% and
    the delta of the options was 88.3. 

    Positioning

    As of the period end, the Company's largest overweight positions relative to
    the benchmark were in the health care, information technology and industrials
    sectors.  Our largest underweight positions relative to the benchmark were in
    the real estate, consumer discretionary and consumer staples sectors.

    21 September 2017

    Latest information is available by typing 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.