BOSTON, Feb. 11 /PRNewswire-FirstCall/ -- Eaton Vance Municipal Income Trust (NYSE Alternext US: EVN), a closed-end investment company, today announced the earnings of the Trust for the three months ended November 30, 2008 and for the year ended November 30, 2008. The Trust's fiscal year ended on November 30, 2008. For the three months ended November 30, 2008, the Trust had net investment income of $3,831,032 ($0.222 per common share). From this amount, the Trust paid dividends on preferred shares of $1,254,380 (equal to $0.073 for each common share), resulting in net investment income after the preferred dividends of $2,576,652 or $0.149 per common share. For the year ended November 30, 2008, the Trust had net investment income of $18,380,790 ($1.067 per common share). From this amount, the Trust paid dividends on preferred shares of $4,438,397 (equal to $0.258 for each common share), resulting in net investment income after the preferred dividends of $13,942,393 or $0.809 per common share. In comparison, for the three months ended November 30, 2007, the Trust had net investment income of $4,705,075 ($0.274 per common share). From this amount, the Trust paid dividends on preferred shares of $1,223,081 (equal to $0.071 for each common share), resulting in net investment income after the preferred dividends of $3,481,994 or $0.203 per common share. For the year ended November 30, 2007, the Trust had net investment income of $18,476,810 ($1.076 per common share). From this amount, the Trust paid dividends on preferred shares of $4,775,158 (equal to $0.278 for each common share), resulting in net investment income after the preferred dividends of $13,701,652 or $0.798 per common share. Net realized and unrealized losses for the three months ended November 30, 2008 were $76,250,551 ($4.419 per common share) and net realized and unrealized losses for the year ended November 30, 2008 were $107,983,638 ($6.262 per common share). In comparison, net realized and unrealized losses for the three months ended November 30, 2007 were $4,269,802 ($0.244 per common share) and net realized and unrealized losses for the year ended November 30, 2007 were $26,175,300 ($1.518 per common share). On November 30, 2008, net assets applicable to the common shares of the Trust were $140,253,643. The net asset value per share on November 30, 2008 was $8.11 based on 17,292,177 shares outstanding. In comparison, on November 30, 2007, net assets applicable to common shares of the Trust were $246,974,322. The net asset value per common share on November 30, 2007 was $14.37 based on 17,190,436 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 $124.9 billion in assets as of December 31, 2008 offering individuals and institutions a broad array of financial products and wealth solutions including mutual funds, managed accounts, variable trusts and charitable giving services. A combination of tradition, proven long-term performance and more than 80 years of experience have made Eaton Vance the investment manager of choice for many investors. For more information about Eaton Vance, visit http://www.eatonvance.com/. EATON VANCE MUNICIPAL INCOME TRUST SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Year Ended November 30, November 30, ------------ ------------ 2008 2007 2008 2007 ---- ---- ---- ---- Net investment income $3,831 $4,705 $18,381 $18,477 Net realized and unrealized gains (losses) on investments (76,251) (4,270) (107,984) (26,175) Preferred dividends paid (1) (1,254) (1,223) (4,438) (4,775) ------ ------ ------ ------ Net increase (decrease) in net assets from operations ($73,674) ($788) ($94,041) ($12,473) ======== ===== ======== ======== Earnings per Common Share Outstanding ------------------------------------- Net investment income $0.222 $0.274 $1.067 $1.076 Net realized and unrealized gains (losses) on investments (4.419) (0.244) (6.262) (1.518) Preferred dividends paid (1) (0.073) (0.071) (0.258) (0.278) ------ ------ ------ ------ Net increase (decrease) in net assets from operations ($4.270) ($0.041) ($5.453) ($0.720) ======= ======= ======= ======= Net investment income $0.222 $0.274 $1.067 $1.076 Preferred dividends paid (1) (0.073) (0.071) (0.258) (0.278) ------ ------ ------ ------ Net investment income after preferred dividends $0.149 $0.203 $0.809 $0.798 ====== ====== ====== ====== Net Asset Value at November 30 (Common Shares) ---------------------------------------------- Net assets (000) Shares outstanding (000) $140,254 $246,974 Net asset value per share outstanding 17,292 17,190 $8.11 $14.37 Market Value Summary (Common Shares) ------------------------------------ Market price on NYSE at November 30 High market price (period ended November 30) $8.45 $13.30 Low market price (period ended November 30) $14.59 $16.25 $7.20 $13.01 (1) During the year ended November 30, 2008, the Trust made a partial redemption of its preferred shares. DATASOURCE: Eaton Vance Management CONTACT: Investor for Eaton Vance Management, 1-800-262-1122 Web Site: http://www.eatonvance.com/

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