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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 offer to repurchase up to 10% 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 outstanding shares of common stock 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 December 4, 2012, fourteen days after Tuesday, November 20, 2012, the expiration date of the Repurchase Offer.

As previously announced, at the Repurchase Offer’s expiration, Computershare Shareowner Services LLC, the Fund’s depositary agent, indicated that 3,367,976 shares (approximately 30.61% of the Fund’s outstanding shares) were validly tendered and not withdrawn. Since more than 10% of Fund shares outstanding were tendered, the Fund repurchased shares on a pro rata basis except with regard to odd lot shareholders who tendered all of their shares which were purchased in their entirety, as disclosed in the Repurchase Offer Statement. Consequently, approximately 32.53% of shares tendered were accepted for repurchase.

On December 4, 2012, and subject to pro ration as applicable, tendered shares were repurchased by the Fund at $16.17 per share (subject to the repurchase fee of 2% of the net asset value per share, which was deducted from the repurchase price), the Fund’s net asset value per share determined as of 4:00 p.m. EST, Tuesday, December 4, 2012.

The Fund is a diversified, closed-end management investment company. The Fund’s primary 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.

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