Eaton Vance Tax-Managed Global Diversified Equity Income Fund Raises $534 Million in the Exercise of the Fund's Overallotment Option.

BOSTON -- Eaton Vance Corp. announced today that the underwriter of its newest closed-end fund, Eaton Vance Tax-Managed Global Diversified Equity Income Fund (NYSE: EXG) (the "Fund"), exercised the Fund's Overallotment option for an additional 26.7 million shares at $20 a share, resulting in gross proceeds to the Fund of an additional $534 million. The Fund's initial public offering on February 23, 2007 raised $5.5 billion, making it the largest closed-end fund in history. With the exercise of the overallotment option, the Fund now has raised total gross proceeds of $6.034 billion.

The Fund's primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation. The Fund pursues 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 consists primarily of a diversified portfolio of foreign and domestic common stocks. The Fund seeks 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 seeks to take advantage of three potential sources of tax-advantaged income and gains: qualified dividends, index call options written and stock price appreciation.

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.

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 $144.3 billion in assets as of March 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.