BlackRock Enhanced Equity Yield & Premium Fund, Inc. Completes Annual Repurchase Offer.

NEW YORK -- BlackRock Enhanced Equity Yield & Premium Fund, Inc. (the "Fund") (NYSE:ECV) announced the completion of the Fund's annual repurchase offer for its shares of common stock. The repurchase offer and withdrawal rights expired at 5:00 p.m., Eastern Time, on September 14, 2007. The Fund offered to repurchase up to 5% of its outstanding shares of common stock for cash at a price equal to the net asset value as of the close of regular trading on the New York Stock Exchange ("NYSE") on September 28, 2007, subject to a repurchase fee of 2% of the Fund's net asset value per share, which will then be deducted from the repurchase price. As of Friday, September 14, 2007, 17,730,783 Fund shares were outstanding. A repurchase amount of 5% of the outstanding shares of the Fund's common stock would represent approximately 886,539 shares.

The preliminary count by The Bank of New York Mellon, the Depositary Agent in connection with the repurchase offer, indicated that approximately 33,736 shares (approximately 0.19% of the Fund's outstanding shares) were validly tendered and not withdrawn prior to the expiration of the Fund's repurchase offer. This determination is subject to final confirmation and the proper delivery of all shares tendered and not withdrawn.

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. The Fund invests in a diversified portfolio of dividend-paying common stocks and employs a strategy of writing call options on equity indices to generate gains from option premiums.

Neither the Fund, its Investment Adviser nor Board of Directors makes 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 shall act 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. As of June 30, 2007, assets under management were $1.230 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 Solutionsinvestment system, risk management and financial advisory services. Headquartered in New York City, the firm has approximately 5,000 employees in 18 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.

In addition to factors previously disclosed in BlackRock's SEC reports and those identified elsewhere in this communication, 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, including its separately managed accounts and the former MLIM business; (4) the impact of increased competition; (5) the impact of capital improvement projects; (6) the impact of future acquisitions or divestitures; (7) the unfavorable resolution of legal proceedings; (8) the extent and timing of any share repurchases; (9) the impact, extent and timing of technological changes and the adequacy of intellectual property protection; (10) 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; (11) terrorist activities and international hostilities, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries and BlackRock; (12) the ability to attract and retain highly talented professionals; (13) fluctuations in foreign currency exchange rates, which may adversely affect the value of advisory fees earned by BlackRock; (14) the impact of changes to tax legislation and, generally, the tax position of the Company; (15) BlackRock's ability to successfully integrate the MLIM business with its existing business; (16) the ability of BlackRock to effectively manage the former MLIM assets along with its historical assets under management; (17) BlackRock's success in maintaining the distribution of its products; and (18) the ability of BlackRock to consummate the transaction with Quellos and realize the benefits of such transaction.

BlackRock's Annual Reports on Form 10-K and BlackRock's subsequent filings with the SEC, accessible on the SEC's website at http://www.sec.gov and on BlackRock's website at http://www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on our website is not a part of this press release.