Eaton Vance Tax-Managed Buy-Write Opportunities Fund Report of Earnings

• Press Release
• Source: Eaton Vance Management
• On 2:51 pm EDT, Wednesday September 2, 2009

BOSTON, Sept. 2 /PRNewswire-FirstCall/ -- Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV - News), a diversified closed-end investment company, today announced the earnings of the Fund for the three months ended June 30, 2009 and the six months ended June 30, 2009. The Fund's fiscal year ends on December 31, 2009.

For the three months ended June 30, 2009, the Fund had net investment income of $1,942,529 ($0.031 per common share). For the six months ended June 30, 2009, the Fund had net investment income of $4,172,617 ($0.066 per common share). In comparison, for the three months ended June 30, 2008, the Fund had net investment income of $1,677,681 ($0.027 per common share). For the six months ended June 30, 2008, the Fund had net investment income of $3,261,932 ($0.052 per common share).

Net realized and unrealized gains for the three months ended June 30, 2009 were $110,692,772 ($1.757 per common share) and net realized and unrealized gains for the six months ended June 30, 2009 were $116,205,577 ($1.844 per common share). In comparison, net realized and unrealized losses for the three months ended June 30, 2008 were $1,473,760 ($0.022 per common share) and net realized and unrealized losses for the six months ended June 30, 2008 were $87,991,998 ($1.392 per common share).

On June 30, 2009, net assets of the Fund were $821,693,488. The net asset value per share on June 30, 2009 was $13.01 based on 63,173,419 shares outstanding. In comparison, on June 30, 2008, net assets of the Fund were $1,061,462,591. The net asset value per share on June 30, 2008 was $16.80 based on 63,173,419 shares outstanding.

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV - News), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $143.7 billion in assets as of July 31, 2009, offering individuals and institutions a broad array of investment products and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.

               EATON VANCE TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND
                         SUMMARY OF RESULTS OF OPERATIONS
                     (in thousands, except per share amounts)

                                     Three Months Ended   Six Months Ended
                                          June 30,            June 30,
                                          --------            --------
                                       2009     2008      2009        2008
                                       ----     ----      ----        ----
    Gross investment income          $4,020   $4,580    $8,249      $9,129
    Operating expenses               (2,078)  (2,902)   (4,076)     (5,867)
                                     ------   ------    ------      ------
      Net investment income          $1,942   $1,678    $4,173      $3,262
    Net realized and unrealized
     gains (losses)on investments  $110,693  $(1,474) $116,205    $(87,992)
                                   --------  -------  --------    --------
      Net increase (decrease) in
       net assets from operations  $112,635     $204  $120,378    $(84,730)
                                   ========     ====  ========    ========

    Earnings per Share Outstanding
    ------------------------------
    Gross investment income          $0.064   $0.073    $0.131      $0.145
    Operating expenses               (0.033)  (0.046)   (0.065)     (0.093)
                                     ------   ------    ------      ------
      Net investment income          $0.031   $0.027    $0.066      $0.052
    Net realized and unrealized
     gains (losses) on investments   $1.757  $(0.022)   $1.844     $(1.392)
                                     ------  -------    ------     -------
      Net increase (decrease) in
       net assets from operations    $1.788   $0.005    $1.910     $(1.340)
                                     ======   ======    ======     =======


    Net Asset Value at June 30
     (Common Shares )
    --------------------------
      Net assets                                      $821,693  $1,061,463
      Shares outstanding                                63,173      63,173
      Net asset value per share
       outstanding                                      $13.01      $16.80

    Market Value Summary
     (Common Shares )
    --------------------
      Market price on NYSE at
       June 30                                          $12.67      $16.37
      High market price
       (period ended June 30)                           $13.50      $17.69
      Low market price
       (period ended June 30)                            $8.62      $15.64

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