BOSTON, Aug. 3 /PRNewswire-FirstCall/ -- Eaton Vance Michigan Municipal Income Trust (NYSE Amex: EMI) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three and six-month periods ended May 31, 2009. The Trust's fiscal year ends on November 30, 2009. For the three months ended May 31, 2009, the Trust had net investment income of $501,981 ($0.237 per common share). From this amount, the Trust paid dividends on preferred shares of $31,254 (equal to $0.014 for each common share), resulting in net investment income after the preferred dividends of $470,727, or $0.223 per common share. The Trust's net investment income for the six months ended May 31, 2009 was $999,933 ($0.472 per common share, before deduction of the preferred share dividends totaling $0.036 per common share), resulting in net investment income after the preferred dividends of $0.436 per common share. In comparison, for the three months ended May 31, 2008, the Trust had net investment income of $485,859 ($0.229 per common share). From this amount, the Trust paid dividends on preferred shares of $148,194 (equal to $0.070 for each common share), resulting in net investment income after the preferred dividends of $337,665, or $0.159 per common share. The Trust's net investment income for the six months ended May 31, 2008 was $978,354 ($0.462 per common share, before deduction of the preferred share dividends totaling $0.151 per common share), resulting in net investment income after the preferred dividends of $0.311 per common share. Net realized and unrealized gains for the three months ended May 31, 2009 were $1,646,853 ($0.778 per common share). The Trust's net realized and unrealized gains for the six months ended May 31, 2009 were $2,962,217 ($1.400 per common share). In comparison, net realized and unrealized gains for the three months ended May 31, 2008 were $2,085,014 ($0.987 per common share). The Trust's net realized and unrealized losses for the six months ended May 31, 2008 were $1,331,875 ($0.628 per common share). On May 31, 2009, net assets of the Trust applicable to common shares were $26,109,837. The net asset value per common share on May 31, 2009 was $12.34 based on 2,116,294 common shares outstanding. In comparison, on May 31, 2008, net assets of the Trust applicable to common shares were $29,397,009. The net asset value per common share on May 31, 2008 was $13.89 based on 2,116,294 common shares outstanding. The Trust 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 $136.3 billion in assets as of June 30, 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 MICHIGAN MUNICIPAL INCOME TRUST SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Months Six Months Ended Ended May 31, May 31, -------- ------- 2009 2008 2009 2008 ---- ---- ---- ---- Net investment income $502 $486 $1,000 $978 Net realized and unrealized gains (losses) on investments 1,647 2,085 2,962 (1,332) Preferred dividends paid from net investment income (31) (148) (77) (319) --- ---- --- ---- Net increase (decrease) in net assets from operations $2,118 $2,423 $3,885 $(673) ====== ====== ====== ===== Earnings per Common Share Outstanding ------------------------------------- Net investment income $0.237 $0.229 $0.472 $0.462 Net realized and unrealized gains (losses) on investments 0.778 0.987 1.400 (0.628) Preferred dividends paid from net investment income (0.014) (0.070) (0.036) (0.151) ------ ------ ------ ------ Net increase (decrease) in net assets from operations $1.001 $1.146 $1.836 $(0.317) ====== ====== ====== ======= Net investment income $0.237 $0.229 $0.472 $0.462 Preferred dividends paid from net investment income (0.014) (0.070) (0.036) (0.151) ------ ------ ------ ------ Net investment income after preferred dividends $0.223 $0.159 $0.436 $0.311 ====== ====== ====== ====== Net Asset Value at May 31 (Common Shares) ----------------------------------------- Net assets $26,110 $29,397 Shares outstanding 2,116 2,116 Net asset value per share outstanding $12.34 $13.89 Market Value Summary (Common Shares) ------------------------------------ Market price on NYSE Amex at May 31 $10.96 $12.33 High market price (period ended May 31) $11.76 $13.04 Low market price (period ended May 31) $7.10 $11.57 DATASOURCE: Eaton Vance Management CONTACT: Investors, +1-800-262-1122 Web Site: http://www.eatonvance.com/

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