Eaton Vance Announces Upcoming Retirement of Duncan W. Richardson

Eaton Vance Corp.

announced today that Duncan W. Richardson, CFA, Executive Vice President and Chief Equity Investment Officer of Eaton Vance Management (EVM), will retire on October 31, 2013, the end of the Company's 2013 fiscal year. Leadership of EVM's equity group will transition on an interim basis to Thomas E. Faust Jr., CFA, Chairman and Chief Executive Officer of Eaton Vance, while a search for Mr. Richardson's successor is conducted. Mr. Richardson joined Eaton Vance as an equity research analyst in 1987, became a portfolio manager in 1990 and has led EVM's equity group since 2001. He was elected Executive Vice President of Eaton Vance Corp. in 2006 and became a member of the Company's Board of Directors in 2008. Long recognized as a leader in tax-efficient investing, Mr. Richardson has successfully managed Eaton Vance's Tax-Managed Growth Portfolio and its predecessor since 1990. Under his leadership, EVM has substantially broadened its equity investment capabilities and increased the size and scope of its equity business. As of June 30, 2013, EVM's equity group managed $37.8 billion in client assets. "Over his 26 years at Eaton Vance, Duncan has embodied the Company's core values of integrity, professionalism, teamwork, client focus, creativity/adaptability and excellence," said Mr. Faust. "Through his leadership, loyalty and unwavering commitment to serving clients, he has helped define and cultivate the Eaton Vance culture and contributed immeasurably to our growth and success. On behalf of everyone at the Company, I want to express my heartfelt thanks to my longtime friend and colleague Duncan for his many contributions, and wish him all the best in retirement."