ETY Eaton Vance Tax Managed Diversified Equity Income Fund

Eaton Vance Tax Managed Diversified Equity Income Fund (NYSE: ETY), a diversified closed-end investment company, today announced the earnings of the Fund for the period from the start of business, November 30, 2006, to January 31, 2007. The Fund�s fiscal year ends on October 31, 2007. For the period from the start of business, November 30, 2006, to January 31, 2007, the Fund had net investment income of $9,361,587 ($0.063 per common share). Net realized and unrealized gains for the period from the start of business, November 30, 2006, to January 31, 2007 were $91,439,258 ($0.615 per common share). On January 31, 2007, net assets of the Fund were $2,941,094,345. The net asset value per common share on January 31, 2007 was $19.77 based on 148,755,000 common shares outstanding. The Fund is managed by Eaton Vance Management. Eaton Vance and its affiliates had $135.5 billion in assets under management on January 31, 2007. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance Marketing at (617) 482-8260. EATON VANCE TAX-MANAGED DIVERSIFIED EQUITY INCOME FUND SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) � Three Months Ended January 31, 2007(a) Gross investment income $14,264� Operating expenses ($4,902) Net investment income $9,362� Net realized and unrealized gains (losses) on investments $91,439� Net increase (decrease) in net assets from operations $100,801� � Earnings per Share Outstanding Gross investment income $0.096� Operating expenses (0.033) Net investment income $0.063� Net realized and unrealized gains (losses) on investments 0.615� Net increase (decrease) in net assets from operations $0.678� � � Net Asset Value at January 31 Net assets (000) $2,941,094� Shares outstanding (000) 148,755� Net asset value per share outstanding $19.77� � Market Value Summary Market price on NYSE at January 31 $20.39� High market price (period ended January 31) $20.49� Low market price (period ended January 31) $20.00� � (a) For the period from the start of business, November 30, 2006 to January 31, 2007.