ETY Eaton Vance Tax Managed Diversified Equity Income Fund

On November 12, 2008, Eaton Vance Management, the Boston-based investment adviser, announced the quarterly distributions declared on the common shares of two of its closed-end equity funds (the �Funds�). The record date for the distributions is November 21, 2008, and the payable date is November 28, 2008. The ex-date is November 19, 2008. The distribution per share for each Fund is as follows: � � � Distribution Fund Per Share � Eaton Vance Tax-Managed Global Diversified Equity Income Fund (NYSE:EXG) $0.4750 Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE:ETY) $0.4625 At this time the Fund believes that a portion of the November distribution may be comprised of amounts from sources other than net investment income. If that is the case, you will be notified in writing. 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 Fund is 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 $144.0 billion in assets under management as of September 30, 2008. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance Management at (800) 262-1122.