BLACKROCK NORTH AMERICAN INCOME TRUST PLC - Net Asset Value(s)

NET ASSET VALUE

BLACKROCK NORTH AMERICAN INCOME TRUST PLC

The unaudited net asset values for BlackRock North American Income Trust plc at
close of business on 16 February 2015 were:

125.68p Capital only
127.38p Including current year income

Notes:

1. Investments have been valued on a bid price basis.

2. Revenue items included in net asset value, with dividends payable deducted
on the ex-dividend date.

3. Following the implementation of the Tender Offer on 4 February 2015,
20,072,261 Ordinary Shares tendered have been transferred into Treasury.
Following the implementation of the Tender Offer, the Company now has
100,361,305 Ordinary Shares in issue including 20,072,261 Ordinary Shares which
are held in Treasury. The number of Ordinary Shares in issue, less the number
of Ordinary Shares in Treasury, is 80,289,044.

3. The unaudited NAV has been calculated on the basis of 80,289,044 Ordinary
Shares in issue.