REPEAT/Eaton Vance Enhanced Equity Income Fund II Raises $875 Million 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 Enhanced Equity Income Fund II. The Fund is issuing 43,750,000 million shares at an initial price of $20.00 per share, resulting in gross proceeds of $875 million (exclusive of the underwriters' overallotments). The Fund begins trading today on the New York Stock Exchange under the ticker symbol "EOS."

The Fund's primary investment objective is to provide current income, with a secondary objective of capital appreciation. The Fund will pursue its investment objectives by investing primarily in a portfolio of mid- and large-capitalization common stocks, seeking to invest primarily in companies with above-average growth and financial strength. Under normal market conditions, the Fund will seek to generate current earnings from option premiums by selling covered call options on a substantial portion of its portfolio securities.

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 second 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.

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

Eaton Vance Management, an indirect, wholly owned subsidiary of Eaton Vance Corp., is the Fund's investment adviser. Rampart Investment Management Company, Inc., has been engaged as the Fund's sub-adviser to provide advice on, and execution of, its 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. managed over $94 billion in assets on October 31, 2004. 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.