Eaton Vance Enhanced Equity Income Fund II Report of Earnings

BOSTON, Sept. 2  /PRNewswire-FirstCall/ -- Eaton Vance Enhanced Equity Income Fund II (NYSE:EOS), a diversified closed-end investment company, today announced the earnings of the Fund for the three months ended June 30, 2009 and the six months ended June 30, 2009.  The Fund's fiscal year ends on December 31, 2009.

For the three months ended June 30, 2009, the Fund had net investment income of $1,501,213 ($0.031 per common share). For the six months ended June 30, 2009, the Fund had net investment income of $2,587,972 ($0.054 per common share).  In comparison, for the three months ended June 30, 2008, the Fund had net investment income of $749,369 ($0.016 per common share).  For the six months ended June 30, 2008, the Fund had net investment income of $1,859,028 ($0.039 per common share).

Net realized and unrealized gains for the three months ended June 30, 2009 were $64,586,294 ($1.355 per common share) and net realized and unrealized gains for the six months ended June 30, 2009 were $26,065,482 ($0.550 per common share). In comparison, net realized and unrealized gains for the three months ended June 30, 2008 were $15,117,119 ($0.320 per common share) and net realized and unrealized losses for the six months ended June 30, 2008 were $63,970,808 ($1.335 per common share).

On June 30, 2009, net assets of the Fund were $566,261,920.  The net asset value per common share on June 30, 2009 was $11.82 based on 47,921,661 common shares outstanding.  In comparison, on June 30, 2008, net assets of the Fund were $829,600,294.  The net asset value per common share on June 30, 2008 was $17.34 based on 47,844,178 common shares outstanding.

The Fund 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 $143.7 billion in assets as of July 31, 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 ENHANCED EQUITY INCOME FUND II
                        SUMMARY OF RESULTS OF OPERATIONS
                    (in thousands, except per share amounts)

                                     Three Months Ended   Six Months Ended
                                           June 30,           June 30,
                                           --------           --------
                                         2009     2008      2009      2008
                                         ----     ----      ----      ----
  Gross investment income              $3,028   $3,085    $5,652    $6,490
  Operating expenses                   (1,527)  (2,336)   (3,064)   (4,631)
                                       ------   ------    ------    ------
    Net investment income              $1,501     $749    $2,588    $1,859
  Net realized and unrealized gains
   (losses) on investments            $64,586  $15,117   $26,065  $(63,971)
                                      -------  -------   -------  --------
    Net increase (decrease) in net
     assets from operations           $66,087  $15,866   $28,653  $(62,112)
                                      =======  =======   =======  ========

  Earnings per Share Outstanding
  ------------------------------
  Gross investment income              $0.063   $0.065    $0.118    $0.136
  Operating expenses                   (0.032)  (0.049)   (0.064)   (0.097)
                                       ------   ------    ------    ------
    Net investment income              $0.031   $0.016    $0.054    $0.039
  Net realized and unrealized gains
   (losses) on investments             $1.355   $0.320    $0.550   $(1.335)
                                       ------   ------    ------   -------
    Net increase (decrease) in net
     assets from operations            $1.386   $0.336    $0.604   $(1.296)
                                       ======   ======    ======   =======


  Net Asset Value at June 30 (Common Shares)
  ------------------------------------------
    Net assets                                          $566,262  $829,600
    Shares outstanding                                    47,922    47,844
    Net asset value per share outstanding                 $11.82    $17.34

  Market Value Summary (Common Shares)
  -------------------------------------
    Market price on NYSE at June 30                       $12.29    $17.16
    High market price (period ended June 30)              $12.32    $18.82
    Low market price (period ended June 30)                $7.59    $16.21


DATASOURCE: Eaton Vance Management



CONTACT:  Investor Contact: [phone]



Web Site:  http://www.eatonvance.com/ 

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