EEF Blackrock Enhanced EQ Yld Fd

BlackRock Enhanced Equity Yield Fund, Inc. (the �Fund�) (NYSE: EEF, CUSIP: 09256C105) announced the completion of its offer to repurchase up to 5% 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 1,067,402 shares from stockholders at an amount per share equal to the Fund�s net asset value per share calculated as of the close of business of the New York Stock Exchange on June 27, 2008, fourteen days after Friday, June 13, 2008, the Expiration Date of the Repurchase Offer. As of June 27, 2008, 393,614 shares, or 1.84% of the Fund�s outstanding shares, were purchased by the Fund at $14.98 per share (subject to a repurchase fee of 2% of the net asset value per share), the Fund�s net asset value per share determined as of 4:00 p.m. EST, Friday, June 27, 2008. 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. The Fund�s secondary investment objective is to provide capital appreciation consistent with the Fund�s investment strategies and primary investment objective. No assurance can be given that the Fund will achieve its investment objective. 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, The Bank of New York Mellon, which is acting as the depositary agent in connection with the Repurchase Offer. About BlackRock BlackRock is one of the world�s largest publicly traded investment management firms. At March 31, 2008, BlackRock�s assets under management were $1.364 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors use BlackRock Solutions� investment system, risk management and financial advisory services. Headquartered in New York City, as of March 31, 2008, the firm has approximately 5,600 employees in 19 countries and a major presence in key global markets, including the U.S., Europe, Asia, Australia and the Middle East. For additional information, please visit the Company's website at www.blackrock.com. Forward-Looking Statements This press release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to 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. The following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock�s investment products; (4) the impact of increased competition; (5) the impact of future acquisitions or divestitures; (6) the unfavorable resolution of legal proceedings; (7) the extent and timing of any share repurchases; (8) the impact, extent and timing of technological changes and the adequacy of intellectual property protection; (9) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock, Merrill Lynch or PNC; (10) terrorist activities and international hostilities, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries, and BlackRock; (11) the ability to attract and retain highly talented professionals; (12) fluctuations in foreign currency exchange rates, which may adversely affect the carrying value of certain assets and liabilities denominated in foreign currencies; (13) the impact of changes to tax legislation; (14) BlackRock�s ability to successfully integrate the MLIM and Quellos Businesses with its existing business; (15) the ability of BlackRock to effectively manage the former MLIM and Quellos assets along with its historical assets under management; and (16) BlackRock�s success in maintaining the distribution of its products. The Annual and Semi-Annual Reports and other regulatory filings of the BlackRock Closed-End Funds filed with the 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 factors in more detail and identify additional factors that can affect the Closed-End Funds. The information contained on BlackRock�s website is not a part of this press release.