BlackRock Enhanced Government Fund, Inc. Announces Expiration of Annual Repurchase Offer

BlackRock Enhanced Government Fund, Inc. (the “Fund”) (NYSE: EGF, CUSIP: 09255K108) announced the expiration of the Fund’s annual repurchase offer for its shares of common stock (the “Repurchase Offer”). The Repurchase Offer and withdrawal rights expired at 5:00 p.m., Eastern Time, on November 18, 2020. The Fund offered to repurchase up to 10% of its issued and outstanding shares of common stock (the “Shares”) for cash at a price equal to the net asset value of the Shares as of the close of regular trading on the New York Stock Exchange on November 19, 2020, subject to a repurchase fee of 2% of the value of the Shares repurchased, which will be deducted from the repurchase price. As of Wednesday, November 18, 2020, 4,734,987 Shares of the Fund were outstanding. A repurchase amount of 10% of the Shares outstanding as of November 18, 2020 would represent approximately 473,498 Shares.

The preliminary count by Computershare Trust Company, N.A., the Fund's depositary agent, indicated that approximately 1,202,530 Shares (approximately 25% of the Fund's Shares outstanding as of November 18, 2020) were validly tendered and not withdrawn prior to the expiration of the Fund's Repurchase Offer. This determination is subject to final confirmation and the proper delivery of all Shares tendered and not withdrawn.

Because the aggregate number of Shares tendered and not withdrawn exceeds the total number of Shares that the Fund offered to repurchase, the Fund will repurchase any Shares tendered on a pro rata basis. However, the Fund will accept all Shares tendered by stockholders who own, beneficially or of record, an aggregate of not more than 99 Shares and who tender all of their Shares, before pro rating Shares tendered by other stockholders. Shares validly tendered and accepted will not be entitled to receive any Fund dividend or distribution with a record date on or after November 24, 2020.

The Fund is a diversified, closed-end management investment company. The Fund’s investment objective is to provide stockholders with current income and gains.

None of the Fund, its investment adviser or its Board of Directors has made any recommendation to any stockholder as to whether to tender or refrain from tendering Shares in the Repurchase Offer.

For client-specific information regarding the Repurchase Offer, please contact your broker or financial advisor, or in the case of registered stockholders, Computershare Trust Company, N.A., which is acting as the depositary agent in connection with the Repurchase Offer.