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 an increase in the Fund's monthly dividend. The monthly dividend is being increased from $0.1125 to $0.1175 per share. The dividend increase will be reflected in the Fund's August 31, 2005 dividend payment to shareholders of record on August 24, 2005. The ex-dividend date is August 22, 2005. The dividend increase reflects growth in the dividends being paid by securities owned in the Fund's portfolio. In recent periods many of the companies represented in the Fund's portfolio have increased their regular dividend payment and in a number of cases have declared special one-time dividends. In addition, dividend income generated by the Fund has been enhanced by the successful implementation of the Fund's dividend capture strategy. The amount of monthly dividend distributions may vary as portfolio and market conditions change. Based on the Fund's per share price of $21.78 at the close of the New York Stock Exchange on August 12, 2005, the Fund's monthly dividend equates to an annualized market yield of 6.47%. The Fund's investment objective is to provide a high level of after-tax total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund invests at least 80% of its assets in a diversified portfolio of dividend-paying common and preferred stocks that Eaton Vance Management believes, at the time of investment, are eligible to pay dividends that qualify for federal income taxation at long-term capital gain rates ("tax-advantaged dividends"). In selecting securities, the Fund invests primarily in stocks of U.S. and non-U.S. companies that produce attractive levels of tax-advantaged dividends and are, in the opinion of Eaton Vance, undervalued or inexpensive relative to the overall market. For its investments in common stocks, the Fund also seeks to invest in securities that Eaton Vance believes have the potential for growth of income and capital appreciation over time. The Fund is managed by Eaton Vance Management. Eaton Vance and its affiliates had $106 billion in assets under management on July 31, 2005. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (617) 482-8260.