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 16, 2021. The Fund offered to repurchase up to 5% 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 16, 2021, subject to a repurchase fee of 2% of the value of the Shares repurchased, which will be deducted from the repurchase price. As of Tuesday, November 16, 2021, 4,262,034 Shares of the Fund were outstanding. A repurchase amount of 5% of the Shares outstanding as of November 16, 2021 would represent approximately 213,101 Shares.

The preliminary count by Computershare Trust Company, N.A., the Fund's depositary agent, indicated that approximately 119,707 Shares (approximately 2.8% of the Fund's Shares outstanding as of November 16, 2021) were validly tendered and not withdrawn prior to the expiration of the Fund's Repurchase Offer. This determination is subject to final confirmation and the proper delivery of all Shares tendered and not withdrawn.

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, 2021

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.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock

Availability of Fund Updates

BlackRock will update performance and certain other data for the BlackRock closed-end funds (the “Funds”) 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 the Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the 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 the Fund’s net asset value; (2) the relative and absolute investment performance of the 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 the 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.

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