Eaton Vance Announces New Financing Arrangement for Three Closed-End Funds - Proceeds to be Used for a Complete Redemption of th

BOSTON, March 10  /PRNewswire-FirstCall/ -- Eaton Vance Corp. (NYSE:EV) announced today that three closed-end equity funds managed by its affiliate Eaton Vance Management have secured committed financing totaling approximately $1.6 billion that the funds intend to use to redeem all of their outstanding auction preferred shares ("APS").  The three closed-end funds are:  Eaton Vance Tax-Advantaged Dividend Income Fund (NYSE:EVT); Eaton Vance Tax- Advantaged Global Dividend Income Fund (NYSE:ETG); and Eaton Vance Tax- Advantaged Global Dividend Opportunities Fund (NYSE:ETO) (collectively, the "Funds").  With the new financing, the Funds intend to change their method of leverage from APS to debt.  The Funds expect to redeem in full their outstanding APS, subject to completion of their new financing arrangements and satisfying the notice and other requirements that apply to APS redemptions. It is expected that each series of the Funds' APS will be redeemed at the next dividend date after March 28, 2008.  See http://www.eatonvance.com/ under closed-end fund press releases to view the Funds' announcement.  To receive a hardcopy of this information call [phone].

Eaton Vance manages 29 leveraged closed-end funds with approximately $5 billion of APS outstanding collectively.  Completion of the intended APS redemptions being announced today will reduce the amount of outstanding APS for Eaton Vance-sponsored closed-end funds by approximately 32%.  Eaton Vance understands that the current disruption in the auction rate securities market imposes significant hardship on APS holders who need access to liquidity. Eaton Vance is working diligently to provide liquidity solutions for its funds' remaining APS holders, and is hopeful that it will be able to do so. Different solutions may be most workable for different types of funds (equity, taxable income and municipal income).  The financing arrangement being announced today is only applicable to the three equity funds; other alternatives are being pursued for other types of funds and it is not certain when, or if, solutions will be available to these funds.

Eaton Vance Corp., a Boston based investment management firm, is listed on the New York Stock Exchange under the symbol EV.  Through its subsidiaries, Eaton Vance Corp. manages funds and separate accounts for individuals and institutional clients.

This news release contains statements that are not historical facts, referred to as "forward-looking statements."  The Company's actual future results may differ significantly from those stated in any forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and repurchases of fund shares, the continuation investment advisory, administration, distribution and service contracts, and other risks discussed from time to time in the Company's filings with the Securities and Exchange Commission. 

DATASOURCE: Eaton Vance Corp.



CONTACT:  Investors, Jonathan Isaac, [phone], or Media, Jeanette

Harrison-Sullivan, [phone], both for Eaton Vance Corp.



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

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