Eaton Vance Risk-Managed Diversified Equity Income Fund Adds Kevin J. Amell To Portfolio Management Team And Modifies Options Strategy Implementation

EVM believes that the Fund may be appropriate for investors seeking an investment vehicle that combines regular distributions, the use of risk management techniques to protect against loss of principal value in a stock market decline and potential for capital appreciation. An investment in the Fund may not be appropriate for all investors. Additional information about the Fund, including performance and portfolio characteristics, is available at www.eatonvance.com .

In a separate press release issued today, EVM disclosed the results to date of the Fund's share repurchase program initiated in August 2012 and announced that the Fund intends to maintain its quarterly distribution at the current rate of $0.279 per share at least through the end of 2012 and has no current plan to alter future distributions. The Fund's distribution rate may be affected by numerous factors, including changes in realized and projected equity market returns, option premiums, Fund performance and other factors. There can be no assurance that an unanticipated change in market circumstances or other unforeseen factors will not result in a change in the Fund's distribution rate at a future time, notwithstanding current expectations.

The Fund currently makes distributions in accordance with a managed distribution plan. Distributions may include amounts characterized for federal income tax purposes as ordinary dividends (including qualified dividends), capital gain distributions and nondividend distributions, also known as return of capital distributions. A return of capital distribution may include, for example, a return of some or all of the money that an investor invested in Fund shares. With each distribution, the Fund issues a notice to shareholders and a press release containing information about the amounts and sources of the distribution and other related information. Notices and press releases for the last 24 months are available on the Eaton Vance website ( http://funds.eatonvance.com/19a-Fund-Distribution-Notices.php). The amounts and sources of distributions reported in notices and press releases are only estimates and are not provided for tax reporting purposes. The Fund reports the character of distributions for federal income tax purposes for each calendar year on Form 1099-DIV.

The Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income." Distributions in excess of Fund returns will cause its net asset value to erode. Investors should not draw any conclusions about the Fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan.

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