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

BOSTON, Feb. 26 /PRNewswire-FirstCall/ -- Eaton Vance Tax-Managed Buy-Write Income Fund (NYSE: ETB), a diversified closed-end investment company, today announced the earnings of the Fund for the three months ended December 31, 2009 and the year ended December 31, 2009.  The Fund's fiscal year ended on December 31, 2009.

For the three months ended December 31, 2009, the Fund had net investment income of $1,270,265 ($0.052 per common share). For the year ended December 31, 2009, the Fund had net investment income of $5,477,460 ($0.223 per common share).  In comparison, for the three months ended December 31, 2008, the Fund had net investment income of $2,034,441 ($0.083 per common share).  For the year ended December 31, 2008, the Fund had net investment income of $6,915,955 ($0.281 per common share).  

Net realized and unrealized gains for the three months ended December 31, 2009 were $29,291,554 ($1.195 per common share) and net realized and unrealized gains for the year ended December 31, 2009 were $86,381,095 ($3.517 per common share). In comparison, net realized and unrealized losses for the three months ended December 31, 2008 were $55,614,723 ($2.269 per common share) and net realized and unrealized losses for the year ended December 31, 2008 were $112,690,502 ($4.591 per common share).

On December 31, 2009, net assets of the Fund were $383,356,015.  The net asset value per common share on December 31, 2009 was $15.59 based on 24,591,335 common shares outstanding.  In comparison, on December 31, 2008, net assets of the Fund were $335,611,206.  The net asset value per common share on December 31, 2008 was $13.65 based on 24,581,806 common shares outstanding.

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), 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 $161.6 billion in assets as of January 31, 2010, 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 INCOME FUND            
                         SUMMARY OF RESULTS OF OPERATIONS                   
                     (in thousands, except per share amounts)               
                                                                            
                                      Three Months Ended       Year Ended   
                                         December 31,         December 31,  
                                        -------------        -------------  
                                        2009      2008      2009       2008 
                                        ----      ----      ----       ---- 
    Gross investment income           $2,288    $2,981    $9,299    $11,466 
    Operating expenses               ($1,018)    ($947)  ($3,822)   ($4,550)
                                     -------     -----   -------    ------- 
      Net investment income           $1,270    $2,034    $5,477     $6,916 
    Net realized and unrealized 
     gains (losses) on investments   $29,291  ($55,615)  $86,381  ($112,691)
                                     -------  --------   -------  --------- 
      Net increase (decrease) in 
        net assets from operations   $30,561  ($53,581)  $91,858  ($105,775)
                                     =======  ========   =======  ========= 
                                                                            
    Earnings per Share Outstanding                                          
    ------------------------------                                          
    Gross investment income           $0.093    $0.121    $0.378     $0.466 
    Operating expenses               ($0.041)  ($0.038)  ($0.155)   ($0.185)
                                     -------   -------   -------    ------- 
      Net investment income           $0.052    $0.083    $0.223     $0.281 
    Net realized and unrealized 
      gains (losses) on investments   $1.195   ($2.269)   $3.517    ($4.591)
                                      ------   -------    ------    ------- 
      Net increase (decrease) in 
        net assets from operations    $1.247   ($2.186)   $3.740    ($4.310)
                                      ======   =======    ======    ======= 
                                                                            
                                                                            
    Net Asset Value at December 31 
     (Common Shares)                          
    ------------------------------            
      Net assets                                        $383,356   $335,611 
      Shares outstanding                                  24,591     24,582 
      Net asset value per share outstanding               $15.59     $13.65 
                                                                            
    Market Value Summary (Common Shares)                                   
    -------------------------------------                                   
      Market price on NYSE at December 31                 $16.85     $12.53 
      High market price (period ended December 31)        $16.85     $18.11 
      Low market price (period ended December 31)          $9.08      $8.79 

SOURCE Eaton Vance Management

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