ETY Eaton Vance Tax Managed Diversified Equity Income Fund

Eaton Vance Tax Managed Diversified Equity Income Fund (NYSE: ETY), a diversified closed-end investment company, today announced the earnings of the Fund for the three months ended October 31, 2007 and for the period from the start of business, November 30, 2006, to October 31, 2007. The Fund�s fiscal year ended on October 31, 2007. For the three months ended October 31, 2007, the Fund had net investment income of $27,908,315 ($0.184 per common share). For the period from the start of business, November 30, 2006, to October 31, 2007, the Fund had net investment income of $194,432,340 ($1.314 per common share). Net realized and unrealized gains for the three months ended October 31, 2007 were $83,601,399 ($0.566 per common share). Net realized and unrealized gains for the period from the start of business, November 30, 2006, to October 31, 2007 were $87,686,025 ($0.583 per common share). On October 31, 2007, net assets of the Fund were $2,933,710,014. The net asset value per common share on October 31, 2007 was $19.60 based on 149,711,079 common shares outstanding. The Fund is managed by Eaton Vance Management. Eaton Vance and its affiliates had $161.7 billion in assets under management on October 31, 2007. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance Marketing at (617) 482-8260. EATON VANCE TAX- MANAGED DIVERSIFIED EQUITY INCOME FUND SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) � � � � Three Months Ended Period Ended October 31, � � October 31,(a) � 2007 � 2007 � Gross investment income $ 35,932 $ 222,857 Operating expenses � ($8,024 ) � ($28,425 ) Net investment income (losses) $ 27,908 $ 194,432 Net realized and unrealized gains (losses) on investments $ 83,601 � $ 87,686 � Net increase (decrease) in net assets from operations $ 111,509 � $ 282,118 � � Earnings per Share Outstanding Gross investment income $ 0.240 $ 1.509 Operating expenses � ($0.056 ) � ($0.195 ) Net investment income (losses) $ 0.184 $ 1.314 Net realized and unrealized gains (losses) on investments $ 0.566 $ 0.583 Net increase (decrease) in net assets from operations $ 0.750 � $ 1.897 � � Net Asset Value at October 31 Net assets (000) $ 2,933,710 Shares outstanding (000) 149,711 Net asset value per share outstanding $ 19.60 � Market Value Summary Market price on NYSE at October 31 $ 17.13 High market price (period ended October 31) $ 20.66 Low market price (period ended October 31) $ 16.85 � � (a)For the period from the start of business, November 30, 2006 to October 31, 2007.