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 31, 2007, to shareholders of record on May 23, 2007. The ex date is May 21, 2007. 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. The Fund seeks to provide current income and gains, with a secondary objective of capital appreciation. At this time, the Fund believes that a portion of the distribution may be a return of capital. Further information will be available prior to the payment date at http://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 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 $144.3 billion in assets under management on March 31, 2006. Eaton Vance will make available periodic summary information regarding the Funds� portfolio investments. Those interested should call Eaton Vance Management at 800-262-1122.