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

BOSTON, March 6, 2012 /PRNewswire/ -- Eaton Vance Tax-Managed Buy-Write Income Fund (NYSE: ETB), a diversified, closed-end management investment company, today announced the earnings of the Fund for the three months and year ended December 31, 2011. The Fund's fiscal year ended on December 31, 2011.

For the three months ended December 31, 2011, the Fund had net investment income of $1,419,951 ($0.057 per share). For the year ended December 31, 2011, the Fund had net investment income of $4,641,012 ($0.188 per share). In comparison, for the three months ended December 31, 2010, the Fund had net investment income of $1,412,768 ($0.058 per share). For the year ended December 31, 2010, the Fund had net investment income of $4,548,310 ($0.185 per share).

Net realized and unrealized gains for the three months ended December 31, 2011 were $45,371,685 ($1.844 per share). Net realized and unrealized gains for the year ended December 31, 2011 were $19,088,344 ($0.778 per share). In comparison, net realized and unrealized gains for the three months ended December 31, 2010 were $22,135,975 ($0.893 per share). Net realized and unrealized gains for the year ended December 31, 2010 were $25,873,508 ($1.045 per share).

On December 31, 2011, net assets of the Fund were $362,180,420. The net asset value per share on December 31, 2011 was $14.69 based on 24,654,545 shares outstanding. In comparison, on December 31, 2010, net assets of the Fund were $370,403,354. The net asset value per share on December 31, 2010 was $15.02 based on 24,654,545 shares outstanding.

The Fund periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds"). Fund portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following quarter-end.

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 $191.7 billion in assets as of January 31, 2012, offering individuals and institutions a broad array of investment strategies 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,
		2011	2010	2011	2010
Gross investment income		$ 2,405	$ 2,409	$ 8,747	$ 8,580
Operating expenses		(985)	(996)	(4,106)	(4,032)
	Net investment income	$ 1,420	$ 1,413	$ 4,641	$ 4,548
Net realized and unrealized gains (losses)
on investments		$ 45,372	$ 22,136	$ 19,088	$ 25,874
	Net increase (decrease) in net assets
	from operations	$ 46,792	$ 23,549	$ 23,729	$ 30,422

Earnings per Share Outstanding
Gross investment income		$ 0.098	$ 0.099	$ 0.355	$ 0.349
Operating expenses		(0.041)	(0.041)	(0.167)	(0.164)
	Net investment income	$ 0.057	$ 0.058	$ 0.188	$ 0.185
Net realized and unrealized gains (losses)
on investments		$ 1.844	$ 0.893	$ 0.778	$ 1.045
	Net increase (decrease) in net assets
	from operations	$ 1.901	$ 0.951	$ 0.966	$ 1.230


Net Asset Value at December 31
	Net assets			$ 362,180	$ 370,403
	Shares outstanding			24,655	24,655
	Net asset value per share outstanding			$ 14.69	$ 15.02

Market Value Summary
	Market price on NYSE at December 31			$ 12.84	$ 14.41
	High market price (period ended December 31)			$ 14.82	$ 17.26
	Low market price (period ended December 31)			$ 10.96	$ 13.55