BlackRock Enhanced Government Fund, Inc. Completes Annual Repurchase Offer

BlackRock Enhanced Government Fund, Inc. (the “Fund”) (NYSE:EGF, CUSIP: 09255K108) today announced the completion of its annual offer to repurchase a portion of its outstanding shares of common stock from its stockholders (the “Repurchase Offer”).

Under the terms of the Repurchase Offer, 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 Fund’s net asset value per Share calculated as of the close of business of the New York Stock Exchange on November 19, 2020 (subject to the repurchase fee of 2% of the net asset value per Share, which was deducted from the repurchase price (the “Repurchase Fee”)).

As previously announced on November 18, 2020, the expiration date of the Repurchase Offer, Computershare Trust Company, N.A., the Fund’s depositary agent, indicated that 1,202,530 Shares (approximately 25% of the Fund’s Shares outstanding as of November 18, 2020) were validly submitted for tender and not withdrawn. Since more than 10% of the Fund’s outstanding Shares were validly submitted for tender, the Fund repurchased validly tendered Shares on a pro rata basis. However, the Fund accepted all Shares validly submitted for tender by stockholders who owned, beneficially or of record, an aggregate of not more than 99 Shares and who validly tendered all of their Shares, before pro rating Shares validly tendered by other stockholders. Consequently, approximately 39% of Shares validly submitted for tender were accepted for repurchase.

On November 19, 2020, and subject to pro ration as applicable, validly tendered Shares were repurchased by the Fund at $13.13 per Share, the Fund’s net asset value per Share determined as of 4:00 p.m. EST, Thursday, November 19, 2020 (subject to the Repurchase Fee). 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 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.