Eaton Vance Credit Opportunities Fund Raises $81,250,000 in Auction Preferred Share Offering

Eaton Vance Corp. (NYSE:EV) announced today that Eaton Vance Credit Opportunities Fund (NYSE:EOE) raised gross proceeds of $81,250,000 in an offering of auction preferred shares. This follows the Fund's offering of common shares, which raised gross proceeds of $140 million. The combined total amount raised in the Fund's common and preferred share offerings is approximately $221 million.

The underwriting syndicate was led by UBS Investment Bank.

The Fund's primary investment objective is to provide a high level of current income, with a secondary objective of capital appreciation. The Fund will pursue its objectives primarily by investing opportunistically in various credit-related investments. Under normal market circumstances, the Fund will invest at least 80% of its total assets in the following categories of credit-related investments:

-- Publicly and privately issued bonds and other debt securities, including bonds that are below investment grade quality, commonly known as "junk bonds."

-- Loan and loan participations, including senior secured floating-rate loans, "second lien" secured floating-rate loans, and other types of secured and unsecured loans with fixed and variable interest rates.

Common shares of the Fund are traded on the New York Stock Exchange. Eaton Vance Management, a wholly owned subsidiary of Eaton Vance Corp., is the Fund's investment adviser.

Eaton Vance Corp. is a Boston-based investment management firm whose stock trades on the New York Stock Exchange under the symbol EV. Eaton Vance and its affiliates managed $118.5 billion in assets as of June 30, 2006, for more than 100 investment companies, as well as institutions and individual clients.

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