ETY Eaton Vance Tax Managed Diversified Equity Income Fund

Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY) (the �Fund�), a closed-end management investment company, today declared its quarterly distribution of $0.4625 per share. The distribution will be paid on May 22, 2008, to shareholders of record on May 15, 2008. The ex date is May 13, 2008. The amount of quarterly distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions may change. At this time the Funds believe that a portion of their respective distribution may be comprised of a return of capital or short-term capital gains. Further information will be available prior to the payment date at www.eatonvance.com/closed_end/tax_info.php. The final determination of tax characteristics of the Fund�s distributions will occur after the end of the year, at which time it will be reported to the shareholders. The Funds are managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp., which is listed on the New York Stock Exchange under the symbol EV. Eaton Vance and its affiliates had $150.9 billion in assets under management on March 31, 2008. Eaton Vance will make available periodic summary information regarding the Funds� portfolio investments. Those interested should call Eaton Vance Management at (800) 262-1122.