Eaton Vance Launches Largest Closed-End Fund.

Eaton Vance Tax-Managed Global Diversified Equity Income Fund Raises $5.5 Billion in Initial Public Offering

BOSTON -- Eaton Vance Corp. announced today the successful initial public offering of common shares of its newest closed-end fund, Eaton Vance Tax-Managed Global Diversified Equity Income Fund. The Fund is issuing 275 million shares at an initial price of $20 per share, resulting in gross proceeds of $5.5 billion (exclusive of the underwriters' overallotment shares). It is the largest closed-end fund initial public offering in history. The Fund begins trading today on the New York Stock Exchange under the ticker symbol "EXG."

"Clearly, there is a strong desire among investors for vehicles that combine tax-advantaged income with the potential for capital appreciation," said James B. Hawkes, Chairman and CEO of Eaton Vance Corp. "The success of this offering affirms Eaton Vance's position as a premier provider of equity income products, a leader in tax-efficient investing, and an innovator in the use of the closed-end fund structure."

The Fund's primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation. The Fund will pursue its objectives by evaluating returns on an after-tax basis, seeking to minimize and defer shareholder federal income taxes. Under normal market circumstances, the Fund's investment program will consist primarily of a diversified portfolio of foreign and domestic common stocks. The Fund will seek to earn high levels of tax-advantaged income and gains by emphasizing investments in stocks that pay dividends that qualify for favorable federal income tax treatment and writing (selling) stock index call options with respect to a portion of its common stock portfolio value. The Fund will seek to take advantage of three potential sources of tax-advantaged income and gains: qualified dividends, index call options written and stock price appreciation.

Since launching the first equity income fund designed to take advantage of the low tax rates on qualified dividends enacted in 2003, Eaton Vance has been a leader in tax-efficient equity income investing. Eaton Vance now has approximately $20 billion under management in open and closed-end equity income funds managed with an objective of after-tax returns.

The underwriting syndicate was led by Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, UBS Securities LLC and A.G. Edwards & Sons, Inc.

Eaton Vance Management, an indirect wholly owned subsidiary of Eaton Vance Corp., is the Fund's investment adviser. Eaton Vance has engaged a sub-advisor, Rampart Investment Management Company, to provide advice on, and execution of, the Fund's options strategy. Since its inception in 1983, Rampart has specialized in listed options management and is widely recognized as a leader in its core competency.

In the second fiscal quarter of 2007, Eaton Vance Corp. will recognize a structuring fee expense of approximately $46 million in connection with the offering, in addition to distribution-related compensation expenses.

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. managed $135.5 billion in assets as of January 31, 2007. Eaton Vance is an adviser and distributor of investment products and separate accounts 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 statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of shares, the continuation of investment advisory, administration, and service contracts, and other risks discussed from time to time.