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 three months ended April 30, 2007 and for the period from the start of business, November 30, 2006, to April 30, 2007. The Fund�s fiscal year ends on October 31, 2007. For the three months ended April 30, 2007, the Fund had net investment income of $96,475,198 ($0.647 per common share). For the period from the start of business, November 30, 2006, to April 30, 2007, the Fund had net investment income of $105,836,785 ($0.725 per common share). Net realized and unrealized gains for the three months ended April 30, 2007 were $62,128,679 ($0.417 per common share). Net realized and unrealized gains for the period from the start of business, November 30, 2006, to April 30, 2007 were $153,567,937 ($1.017 per common share). On April 30, 2007, net assets of the Fund were $3,039,596,690. The net asset value per common share on April 30, 2007 was $20.37 based on 149,228,998 common shares outstanding. The Fund is managed by Eaton Vance Management. Eaton Vance and its affiliates had $150.0 billion in assets under management on April 30, 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 Period Ended April 30, April 30,(a) 2007� 2007� Gross investment income $103,945� $118,209� Operating expenses ($7,470) ($12,372) Net investment income (losses) $96,475� $105,837� Net realized and unrealized gains (losses) on investments $62,129� $153,568� Net increase (decrease) in net assets from operations $158,604� $259,405� � Earnings per Share Outstanding Gross investment income $0.697� $0.810� Operating expenses ($0.050) ($0.085) Net investment income (losses) $0.647� $0.725� Net realized and unrealized gains (losses) on investments $0.417� $1.017� Net increase (decrease) in net assets from operations $1.064� $1.742� � Net Asset Value at April 30 Net assets (000) $3,039,597� Shares outstanding (000) 149,229� Net asset value per share outstanding $20.37� � Market Value Summary Market price on NYSE at April 30 $20.49� High market price (period ended April 30) $20.58� Low market price (period ended April 30) $19.53� � � (a) For the period from the start of business, November 30, 2006 to April 30, 2007.