Eaton Vance Tax-Managed Diversified Equity Income Fund Declares Quarterly Distribution

  
    
  
  
    
      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.