Eaton Vance Tax-Managed Buy-Write Opportunties Fund Raises $1.11 Billion in Initial Public Offering.

BOSTON -- Eaton Vance Corp. announced today the initial public offering of common shares of its new closed-end fund, Eaton Vance Tax-Managed Buy-Write Opportunities Fund. The Fund is issuing 55.5 million shares at an initial price of $20 per share, resulting in gross proceeds of $1.11 billion (exclusive of the underwriters' overallotment shares). The Fund begins trading today on the New York Stock Exchange under the ticker symbol "ETV."

The Fund's primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation. In pursuing its investment objectives, the Fund will evaluate returns on an after-tax basis, seeking to minimize and defer shareholder federal income taxes. Under normal market conditions, the Fund will pursue its investment objectives by owning a diversified portfolio of common stocks, designated segments of which seek to exceed the total return performance of a core equity index and a growth equity index, and selling index call options on at least 80% of the value of each segment. The Fund combines active equity investing with a systematic program of covered call option writing. Through its options activities, the Fund seeks to enhance the returns and moderate the volatility of its stock portfolio.

The Fund is the fourth Eaton Vance-sponsored closed-end fund to use a covered call writing strategy. Eaton Vance Enhanced Equity Income Fund (NYSE: EOI) raised $750 million in its initial public offering of common shares on October 27, 2004. Eaton Vance Enhanced Equity Income Fund II (NYSE: EOS) raised $875 million in its initial public offering of common shares on January 27, 2005. Eaton Vance Tax-Managed Buy-Write Income Fund (NYSE: ETB) raised $450 million in its initial public offering of common shares on April 27, 2005.

The underwriting syndicate was led by Merrill Lynch and Co., UBS Investment Bank, and Wachovia Securities.

Eaton Vance Management, an indirect, wholly owned subsidiary of Eaton Vance Corp., is the Fund's investment adviser. Eaton Vance has engaged its affiliate, Parametric Portfolio Associates LLC, to structure and manage the common stock portfolio and Rampart Investment Management Company, Inc. 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 internationally recognized as a leader in its core competency.

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. and its subsidiaries managed $101.5 billion in assets as of May 31, 2005. Eaton Vance is an adviser and distributor of investment companies 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.