EFT, EFR, EOE and EVV Announce New Financing Arrangement - Proceeds to be Used to Redeem Two-Thirds of the Funds' Outstanding Auction Preferred Shares

Business Wire,  April 11, 2008  

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BOSTON -- Eaton Vance Floating-Rate Income Trust (NYSE: EFT), Eaton Vance Senior Floating-Rate Trust (NYSE: EFR), Eaton Vance Credit Opportunities Fund (NYSE: EOE); and Eaton Vance Limited Duration Income Fund (AMEX: EVV) (collectively, the "Funds"), each a closed-end management investment company, today announced that they have secured committed financing that the Funds intend to use to redeem approximately two-thirds of their outstanding auction preferred shares ("APS") at a redemption price equal to the liquidation preference of $25,000 per share, plus the amount of accumulated but unpaid dividends, for total consideration of approximately $1.1 billion. With the new financing, the Funds intend to change their primary method of leverage from APS to a combination of debt and APS. Subject to satisfying the notice and other requirements that apply to APS redemptions, a proportionate amount of each series of the Funds' APS is expected to be redeemed at the next dividend payable date on or after May 1, 2008. The Funds are expected to redeem the following amounts of APS:

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It is not anticipated that the Funds will be required to sell portfolio holdings in connection with the refinancing. The cost to each Fund of the new debt leverage is expected, over time, to be lower than the total cost of APS based on the maximum applicable dividend rates. Financing availability and asset coverage considerations allow only a partial liquidation of the Funds' APS to be feasible at this time. Eaton Vance is working diligently to provide liquidity solutions that will enable the Funds to redeem their remaining outstanding APS. It is not certain when, or if, liquidity solutions will be available to the remaining APS holders of the Funds.

Depository Trust Company, holder of record of the APS, will determine the allocation of each APS series' redemption among participant broker-dealer accounts. Each participant broker-dealer will determine the allocation of redemptions among beneficial holders for which it serves as nominee. Allocation procedures used by different broker-dealers may vary. Additional information about these Funds' partial APS redemptions can be found on the Closed-End Fund page of the Eaton Vance website under "Information Concerning APS Auctions and Applicable Dividend Rates;" see www.eatonvance.com.

Conference Call

A conference call to discuss the announced redemptions and other APS market developments will take place at 3:00 p.m. EDT on Monday, April 14, 2008. To listen to the call, dial 1-888-562-3356 and use the following access code: 43268210. A telephone replay of the conference call will be available beginning two hours after completion at 1-800-642-1687. To submit a question to be addressed on the conference call, please send in advance to CEFQuestions@eatonvance.com.

The Funds are managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp., which is listed on the New York Stock Exchange under the symbol EV. Eaton Vance and its affiliates had $152.9 billion in assets under management on January 31, 2008.

This news release contains statements that are not historical facts, referred to as "forward-looking statements." The Funds' 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 fund shares, the continuation of investment advisory, administration, distribution and service contracts, and other risks discussed from time to time in the Funds' filings with the Securities and Exchange Commission.

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