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Eaton Vance Tax-Managed Buy-Write Opportunities Fund March 2010 Distribution

BOSTON, March 31 /PRNewswire-FirstCall/ -- Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV), today announced important information concerning its distribution declared in March 2010.  This press release is issued as required by the Fund’s managed distribution plan (Plan) and an exemptive order received from the U.S. Securities and Exchange Commission.  The Board of Trustees has approved the implementation of the Plan to make quarterly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the March distribution.  It is not determinative of the tax character of the Fund’s distributions for the 2010 calendar year. Shareholders should note that the Fund’s total regular distribution amount is subject to change as a result of market conditions or other factors.

The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.  The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Distribution Period:  March 2010

Distribution Amount per Common Share:  $0.400

The following table sets forth an estimate of the sources of the Fund’s March distribution and its cumulative distributions paid this fiscal year to date.  Amounts are expressed on a per common share basis and as a percentage of the distribution amount.

    
    
                       Eaton Vance Tax-Managed Buy-Write
                               Opportunities Fund
                       ---------------------------------
                                                               % of the
                                                Cumulative      Cumulative
                                                 Distributions  Distributions
                                                  for the       for the Fiscal
                                      % of       Fiscal            Year-
                     Current        Current      Year-to-           to-
    Source         Distribution   Distribution   Date(1)          Date(1)
    ------         ------------   ------------   -------------   --------
    Net
     Investment          
     Income              $0.019            4.7%         $0.019         4.7%
    -----------          ------            ---          ------         ---
    Net Realized
     Short               
     -Term Capital
     Gains               $0.000            0.0%         $0.000         0.0%
    ------------         ------            ---          ------         ---
    Net Realized
     Long                
    -Term Capital
     Gains               $0.000            0.0%         $0.000         0.0%
    ------------         ------            ---          ------         ---
    Return of
     Capital             
     or Other
     Capital            
     Source(s)           $0.381           95.3%         $0.381        95.3%
    ---------            ------           ----          ------        ----
    Total per
     common              
     Share               $0.400          100.0%         $0.400       100.0%
    ---------            ------          -----          ------       -----
    

(1) The Fund’s fiscal year is January 1, 2010 to December 31, 2010

IMPORTANT DISCLOSURE:  You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Plan.  The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’  The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes.  The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

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