EVT Eaton Vance Tax Advantaged Dividend Income Fund

Eaton Vance Tax-Advantaged Dividend Income Fund (NYSE: EVT), a diversified closed-end investment company, today announced the earnings of the Fund for the three months ended February 28, 2006 and for the six months ended February 28, 2006. The Fund's fiscal year ends on August 31, 2006. For the three months ended February 28, 2006, the Fund had net investment income of $38,647,560 ($0.531 per common share). From this amount, the Fund paid dividends on preferred shares of $6,859,763 (equal to $0.094 for each common share), resulting in net investment income after the preferred dividends of $31,787,797 or $0.436 per common share. For the six months ended February 28, 2006, the Fund had net investment income of $65,564,886 ($0.900 per common share). From this amount, the Fund paid dividends on preferred shares of $13,154,377 (equal to $0.181 for each common share), resulting in net investment income after the preferred dividends of $52,410,509 or $0.720 per common share. In comparison, for the three months ended February 28, 2005, the Fund had net investment income of $24,982,334 ($0.343 per common share). From this amount, the Fund paid dividends on preferred shares of $3,599,696 (equal to $0.049 for each common share), resulting in net investment income after the preferred dividends of $21,382,638 or $0.294 per common share. For the six months ended February 28, 2005 the Fund had net investment income of $51,161,476 ($0.702 per common share). From this amount, the Fund paid dividends on preferred shares of $6,606,797 (equal to $0.091 for each common share), resulting in net investment income after the preferred dividends of $44,554,679 or $0.611 per common share. Net realized and unrealized gains for the three months ended February 28, 2006 were $103,965,051 ($1.427 per common share) and net realized and unrealized gains for the six months ended February 28, 2006 were $78,197,584 ($1.074 per common share). In comparison, net realized and unrealized gains for the three months ended February 28, 2005 were $84,214,224 ($1.156 per common share) and net realized and unrealized gains for six months ended February 28, 2005 were $215,551,164 ($2.957 per common share). On February 28, 2006, net assets applicable to common shares of the Fund were $1,883,984,723. The net asset value per common share on February 28, 2006 was $25.87 based on 72,835,900 common shares outstanding. In comparison, on February 28, 2005, net assets of the Fund were $1,751,104,832. The net asset value per common share on February 28, 2005 was $24.04 based on 72,835,900 common shares outstanding. The Fund is managed by Eaton Vance Management. Eaton Vance had over $113.3 billion in assets under management on January 31, 2006. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance Marketing at (617) 482-8260. -0- *T EATON VANCE TAX-ADVANTAGED DIVIDEND INCOME FUND SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Six Months Ended Feb. 28, Feb. 28, ------------------- ----------------------- 2006 2005 2006 2005 --------- --------- ----------- ----------- Gross investment income $43,433 $29,495 $74,967 $60,089 Operating expenses 4,785 4,513 9,402 8,928 --------- --------- ----------- ----------- Net investment income $38,648 $24,982 $65,565 $51,161 Net realized and unrealized gains (losses) on investments $103,965 $84,214 $78,198 $215,551 Preferred dividends paid(a) ($6,860) ($3,600) ($13,154) ($6,607) --------- --------- ----------- ----------- Net increase (decrease) in net assets from operations $135,753 $105,596 $130,609 $260,105 ========= ========= =========== =========== Earnings per Common Share Outstanding ------------------------------------- Gross investment income $0.596 $0.405 $1.029 $0.825 Operating expenses 0.066 0.062 0.129 0.123 --------- --------- ----------- ----------- Net investment income $0.531 $0.343 $0.900 $0.702 Net realized and unrealized gains (losses) on investments $1.427 $1.156 $1.074 $2.957 Preferred dividends paid(a) (0.094) (0.049) ($0.181) (0.091) --------- --------- ----------- ----------- Net increase (decrease) in net assets from operations $1.864 $1.450 $1.793 $3.568 ========= ========= =========== =========== Net investment income $0.531 $0.343 $0.900 $0.702 Preferred dividends paid(a) (0.094) (0.049) (0.181) (0.091) --------- --------- ----------- ----------- Net investment income after preferred dividends $0.437 $0.294 $0.719 $0.611 ========= ========= =========== =========== (a) The Fund issued auction preferred shares on December 10, 2003. Net Asset Value at February 28 (Common Shares) --------------------------------------------- Net assets (000) $1,883,985 $1,751,105 Shares outstanding (000) 72,836 72,836 Net asset value per share outstanding $25.87 $24.04 Market Value Summary (Common Shares) ----------------------------------- Market price on NYSE at February 28 $23.45 $21.72 High market price (six months ended February 28)$23.45 $22.07 Low market price (six months ended February 28) $20.56 $19.20 *T