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 
      22, 2008, to shareholders of record on May 15, 2008. The ex date is May 
      13, 2008.
    
    
      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. At this time the Funds believe that a portion 
      of their respective distribution may be comprised of a return of capital 
      or short-term capital gains. Further information will be available prior 
      to the payment date at 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 the 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 $150.9 billion in assets 
      under management on March 31, 2008. Eaton Vance will make available 
      periodic summary information regarding the Funds’ 
      portfolio investments. Those interested should call Eaton Vance 
      Management at [phone].