Fitch Affirms Eaton Vance Tax-Advantaged Dividend Income Preferred Shares

Business Wire, June 30, 2004

NEW YORK -- Fitch Ratings affirms the rating on the following Eaton Vance Tax-Advantaged Dividend Income Fund auction preferred shares at 'AAA':

-- Auction preferred shares 4,000 shares series A;

-- Auction preferred shares 4,000 shares series B;

-- Auction preferred shares 4,000 shares series C;

-- Auction preferred shares 4,000 shares series D;

-- Auction preferred shares 4,000 shares series E;

-- Auction preferred shares 4,000 shares series F;

-- Auction preferred shares 4,000 shares series G.

The affirmation is based on the fund's consistent compliance with asset coverage and preferred share basic maintenance amount tests, as well as the quality and experience of the asset manager.

Eaton Vance Tax-Advantaged Dividend Income Fund is a closed-end management investment company that invests primarily in a portfolio of dividend-paying common and preferred stocks. The fund is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow funds through the issuance of debt and preferred stock. Under the 1940 Act, closed-end funds may borrow up to 50% of the fund's value through the issuance of preferred shares and debt; Eaton Vance Tax-Advantaged Dividend Income Fund's current preferred share issuance equates to roughly 34% of its value, and the fund has no outstanding debt.

The asset manager for the fund is Eaton Vance. Eaton Vance, its affiliates and predecessor companies, have been managing assets of individuals and institutions since 1924 and of investment companies since 1931. Eaton Vance (or its affiliates) currently serves as the investment adviser to investment companies and various retail and institutional clients, with combined assets under management of approximately $85.1 billion as of April 30, 2004. Eaton Vance is an indirect, wholly owned subsidiary of Eaton Vance Corp., a publicly held holding company, which through its subsidiaries and affiliates engages primarily in investment management, administration, and marketing activities.

Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at 'www.fitchratings.com'.