Eaton Vance Large-Cap Value Strategy Added to Merrill Lynch Consults(R) Program.

BOSTON -- Eaton Vance Corp. announced today that the Eaton Vance Large-Cap Value Equity Strategy has been added to the Merrill Lynch Consults(R) Program.

Eaton Vance Large-Cap Value strategy is its most recent addition to the Merrill Lynch Consults(R) Program. It joins two other Eaton Vance managed account portfolios already in this program: Parametric Portfolio Associates' Tax Managed Core Portfolio and Eaton Vance/Parametric Tax-Managed Consults(R) Diversified Portfolio. In addition to these offerings on the separately managed account platform at Merrill Lynch, Eaton Vance offers 69 mutual funds across Merrill Lynch platforms, including 12 equity funds. Eaton Vance Large-Cap Value Fund is also offered on the following platforms: Mutual Fund Advisor, Mutual Fund Advisor Selects with PARs, and Merrill Lynch Unlimited Advantage.

"We are very pleased that the Eaton Vance Large-Cap Value strategy is now live on the Merrill Lynch Consults(R) platform and can be used as a managed account option for Merrill Lynch clients," said Larry Sinsimer, Eaton Vance's Managing Director in charge of Managed Accounts. "Merrill Lynch is a very important partner for us, and this represents a significant opportunity for Eaton Vance. We hope to add to our capabilities at Merrill and elsewhere as we continue to build out Eaton Vance's managed account distribution."

Eaton Vance's Large-Cap Value strategy is appropriate for a wide range of investors. It offers a diversified portfolio of value stocks, and it employs a rigorous sell discipline that takes the emotional component out of selling a stock by setting a loss limit for each holding. In other words, if a stock's price declines a set percentage below its average cost basis, or conversely, rises above a set premium valuation, Eaton Vance will sell it. Due to its disciplined investment process, Eaton Vance can participate on the upside while trying to provide protection on the downside.

As of April 30, 2006, Eaton Vance and its affiliates managed $118.8 billion in assets. Eaton Vance has expertise in areas historically attractive to high-net-worth investors and has products to address their objectives. These include its family of tax-managed equity funds and municipal bond funds, bank loan funds, and charitable giving vehicles. Through the acquisition of Atlanta Capital Management Company, LLC, Fox Asset Management LLC, and Parametric Portfolio Associates, LLC, Eaton Vance's separate account capability now includes tax-managed core, large-cap growth, large-cap value, all-cap value, small-cap value, mid-cap value, balanced, and fixed-income portfolios.

Eaton Vance Corp. is a Boston-based investment management firm whose stock trades on the New York Stock Exchange under the symbol EV. Through its subsidiaries, Eaton Vance Corp. is an adviser and distributor of investment products for individual and institutional clients.

This news release contains statements that are not historical facts, referred to as "forward-looking statements." Actual future results may differ significantly from those stated in any forward-looking statement, depending on various factors, including changes in securities or financial markets and general economic conditions.

These comments and information are not intended as investment advice or a recommendation to purchase or sell specific securities. It should not be assumed that any of the strategies mentioned was or will be profitable. There can be no assurance that EVM will achieve profits or avoid incurring losses. Actual portfolio holdings will vary for each client. Past performance does not predict future results.

Before investing in any Eaton Vance Fund, prospective investors should consider carefully the Fund's investment objectives, risks, and charges and expenses. The Fund's current prospectus contains this and other information about the Fund and is available through your financial advisor. Read the prospectus carefully before you invest or send money.

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE MONEY