The North American Income Trust plc commences share repurchases on July 17, 2014 under the program mandated by the shareholders in the Annual General Meeting held on May 29, 2014. As per the mandate, the company is authorized to repurchase up to 4,997,453 shares, representing 14.99% of its share capital. The minimum price which may be paid for a share shall be 25p and the maximum price which may be paid for an ordinary share shall be the higher of 105% of the average of the middle market quotations as derived from the Daily Official List of the London Stock Exchange for the ordinary shares for the five business days immediately preceding the date of purchase and the higher of the price of the last independent trade and the highest current independent bid relating to an ordinary share on the trading venue where the purchase is carried out.

The program shall expire on July 31, 2014 or at the conclusion of the next Annual General Meeting in 2015. As of April 3, 2014, the company had 33,338,582 ordinary shares in issue.