ETY Eaton Vance Tax Managed Diversified Equity Income Fund

Eaton Vance Tax Managed Diversified Equity Income Fund (NYSE: ETY) (the �Fund�), a diversified closed-end investment company, today announced the earnings of the Fund for the three months ended January 31, 2008. The Fund�s fiscal year ends on October 31, 2008. For the three months ended January 31, 2008, the Fund had net investment income of $16,743,413 ($0.112 per common share). In comparison, 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 losses for the three months ended January 31, 2008 were $218,420,855 ($1.459 per common share). In comparison, 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, 2008, net assets of the Fund applicable to common shares were $2,662,790,947. The net asset value per common share on January 31, 2008 was $17.79 based on 149,711,079 common shares outstanding. In comparison, on January 31, 2007, net assets of the Fund applicable to common shares 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 $152.9 billion in assets under management on January 31, 2008. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance Management at (617) 262-1122. EATON VANCE TAX- MANAGED DIVERSIFIED EQUITY INCOME FUND SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) � � � � Three Months Ended Three Months Ended January 31, � January 31, 2008 2007(a) Gross investment income $24,103 $14,264 Operating expenses ($7,360) ($4,902) Net investment income (losses) $16,743 $9,362 Net realized and unrealized gains (losses) on investments ($218,421) $91,439 Net increase (decrease) in net assets from operations ($201,678) $100,801 � Earnings per Share Outstanding Gross investment income $0.161 $0.096 Operating expenses ($0.049) (0.033) Net investment income (losses) $0.112 $0.063 Net realized and unrealized gains (losses) on investments ($1.459) $0.615 Net increase (decrease) in net assets from operations ($1.347) $0.678 � � Net Asset Value at January 31 (Common Shares) Net assets (000) $2,662,791 $2,941,094 Shares outstanding (000) 149,711 148,755 Net asset value per share outstanding $17.79 $19.77 � Market Value Summary (Common Shares) Market price on NYSE at January 31 $17.05 $20.39 High market price (period ended January 31) $17.17 $20.49 Low market price (period ended January 31) $15.48 $20.00 � � (a)For the period from the start of business, November 30, 2006 to January 31, 2007.