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BlackRock Enhanced Government Fund, Inc. Announces Upcoming Repurchase Offer

EGF | October 17, 2017

BlackRock Enhanced Government Fund, Inc. Announces Upcoming Repurchase Offer

Today, BlackRock Enhanced Government Fund, Inc. (the "Fund") (NYSE: EGF, CUSIP: 09255K108) announced that the annual offer to repurchase up to 10% of its outstanding shares of common stock (the "Shares") from its stockholders (the "Repurchase Offer") will commence on October 24, 2017.

Under the terms of the Repurchase Offer, the Fund is offering to purchase up to 10% of its Shares from stockholders at an amount per Share equal to the Fund's net asset value ("NAV") per Share, less a repurchase fee of 2% of the value of the Shares repurchased, calculated as of the close of regular trading on the New York Stock Exchange on November 27, 2017. The Repurchase Offer is scheduled to expire on November 21, 2017, unless extended, with payment for the Shares repurchased to be made on or before December 1, 2017. Shares validly tendered and accepted will not be eligible for any distributions declared, paid or distributed in respect of a record date on or after November 29, 2017.

The Fund has established a record date of October 12, 2017 solely for the purpose of identifying stockholders eligible to receive Repurchase Offer materials.

The Fund is a diversified, closed-end management investment company. The Fund's investment objective is to provide stockholders with current income and gains. The Shares have at times traded at a premium to the Fund's NAV per Share. It may not be in a stockholder's interest to tender Shares in connection with the Repurchase Offer if the Shares are trading at a premium. The market price of the Shares can and does fluctuate. Accordingly, on November 27, 2017, the pricing date of the Repurchase Offer, the market price of the Shares may be above or below the Fund's NAV per Share.

None of the Fund, its investment adviser or its Board of Directors is making 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 will act as the Depositary Agent in connection with the Repurchase Offer.

About BlackRock

BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At September 30, 2017, BlackRock’s AUM was $5.977 trillion. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares ^® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions ^®. As of June 30, 2017, the firm had approximately 13,000 employees in more than 30 countries and a major presence in global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company’s website at www.blackrock.com | Twitter: @blackrock_news | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock

Availability of Fund Updates

BlackRock will update performance and certain other data for the Fund on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Fund. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock’s website in this release.

Forward-Looking Statements

This press release, and other statements that BlackRock or a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Fund’s or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in a Fund’s net asset value; (2) the relative and absolute investment performance of a Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to a Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.

Annual and Semi-Annual Reports and other regulatory filings of the Fund with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com , and may discuss these or other factors that affect the Fund. The information contained on BlackRock’s website is not a part of this press release.