ETY Eaton Vance Tax Managed Diversified Equity Income Fund

BOSTON, April 3 /PRNewswire-FirstCall/ -- Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE:ETY), a closed-end investment company, today announced the earnings of the Fund for the three months ended January 31, 2009. The Fund's fiscal year ends on October 31, 2009. For the three months ended January 31, 2009, the Fund had net investment income of $5,186,735 ($0.035 per common share). In comparison, for the three months ended January 31, 2008, the Fund had net investment income of $16,743,413 ($0.112 per common share). Net realized and unrealized losses for the three months ended January 31, 2009 were $115,564,631 ($0.772 per common share). In comparison, net realized and unrealized losses for the three months ended January 31, 2008 were $218,420,855 ($1.459 per common share). On January 31, 2009, net assets applicable to the common shares of the Fund were $1,758,165,144. The net asset value per common share on January 31, 2009 was $11.74 based on 149,711,079 common shares outstanding. In comparison, on January 31, 2008, net assets applicable to common shares of the Fund 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. The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE:EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $121.9 billion in assets as of January 31, 2009, offering individuals and institutions a broad array of investment products and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit http://www.eatonvance.com/. 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 ---------- ---------- 2009 2008 ---- ---- Gross investment income $10,077 $24,103 Operating expenses (4,890) (7,360) ------ ------ Net investment income $5,187 $16,743 Net realized and unrealized gains (losses) on investments (115,565) (218,421) ------- ------- Net increase (decrease) in net assets from operations $(110,378) $(201,678) ======= ======= Earnings per Common Share Outstanding ------------------------------------- Gross investment income $0.067 $0.161 Operating expenses (0.032) (0.049) ----- ----- Net investment income $0.035 $0.112 Net realized and unrealized gains (losses) on investments (0.772) (1.459) ----- ----- Net increase (decrease) in net assets from operations $(0.737) $(1.347) ===== ===== Net Asset Value at January 31 (Common Shares) --------------------------------------------- Net assets (000) $1,758,165 $2,662,791 Shares outstanding (000) 149,711 149,711 Net asset value per share outstanding $11.74 $17.79 Market Value Summary (Common Shares) ------------------------------------ Market price on NYSE at January 31 $10.83 $17.05 High market price (period ended January 31) $11.98 $17.17 Low market price (period ended January 31) $7.87 $15.48 DATASOURCE: Eaton Vance Management CONTACT: Investor Relations of Eaton Vance Management, +1-800-262-1122 Web Site: http://www.eatonvance.com/

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