Eaton Vance Risk-Managed Diversified Equity Income Fund Report of Earnings

Eaton Vance Risk-Managed Diversified Equity Income Fund (NYSE: ETJ), a diversified closed-end investment company, today announced the earnings of the Fund for the three and nine-month periods ended September 30, 2010. The Fund's fiscal year ends on December 31, 2010. For the three months ended September 30, 2010, the Fund had net investment income of $1,949,872 ($0.027 per common share). For the nine months ended September 30, 2010, the Fund had net investment income of $6,215,100 ($0.086 per common share). In comparison, for the three months ended September 30, 2009, the Fund had net investment income of $2,361,846 ($0.033 per common share). For the nine months ended September 30, 2009, the Fund had net investment income of $9,134,363 ($0.128 per common share). Net realized and unrealized gains for the three months ended September 30, 2010 were $17,181,713 ($0.229 per common share) and net realized and unrealized losses for the nine months ended September 30, 2010 were $49,347,013 ($0.680 per common share). In comparison, net realized and unrealized gains for the three months ended September 30, 2009 were $54,120,483 ($0.770 per common share) and net realized and unrealized gains for the nine months ended September 30, 2009 were $26,749,244 ($0.375 per common share).