Eaton Vance National Municipal Opportunities Trust Announces Exercise of Underwriters'...

Eaton Vance National Municipal Opportunities Trust Announces Exercise of
Underwriters' Overallotment Option and Initial Distribution

BOSTON, June 26 /PRNewswire-FirstCall/ -- Eaton Vance Corp. announced today
the anticipated issuance of approximately 1.50 million shares of Eaton Vance
National Municipal Opportunities Trust (NYSE: EOT) pursuant to exercise of the
underwriters' overallotment option, which will result in expected net proceeds
to the Trust of approximately $28.7 million. Subject to customary conditions,
the closing of the overallotment option is expected to take place on or about
June 29, 2009. This is in addition to the 13.75 million shares issued in the
Trust's initial public offering, which concluded on May 29, 2009. The Trust
is a closed-end fund listed for trading on the New York Stock Exchange. The
Trust's primary investment objective is to provide current income exempt from
federal income tax. The Trust will, as a secondary investment objective, seek
to achieve capital appreciation.

Eaton Vance also announced an initial monthly income distribution for the
Trust of $0.103334 per common share, payable on July 31, 2009 to shareholders
of record as of July 24, 2009. The ex-date for the distribution is July 22,
2009. Based on the $20.00 per share initial public offering price, the
distribution equates to an annualized yield of 6.20%. For an investor subject
to the highest Federal income tax rate of 35%, this represents a taxable
equivalent annualized yield of 9.54%. Based on the closing market price on
June 25, 2009, the distribution equates to an annualized market yield of
6.59%, or 10.14% on a taxable equivalent basis for a top bracket Federal
taxpayer.

As of June 26, 2009, the Trust has invested substantially all of the net
proceeds of its initial public offering. "This has proved to be an opportune
time for the Trust to invest," commented Cindy Clemson, Vice President and
Co-Portfolio Manager of the Trust. "With its initial purchases, we believe
the Trust has been able to take advantage of good value both in high quality
long-term municipal bonds and certain higher yielding issues. We also believe
the prospect of higher Federal income tax rates for individuals in the future
bodes well for the overall tax-exempt municipal bond market."

Monthly distributions on the Trust's common shares may vary as portfolio and
market conditions change.

The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance
Corp. (NYSE: EV), one of the oldest investment management firms in the United
States, with a history dating back to 1924. Eaton Vance and its affiliates
managed $136.7 billion in client assets as of May 31, 2009, offering
individuals and institutions a broad array of investment products and wealth
management solutions. For more information about Eaton Vance, visit
www.eatonvance.com.

This news release contains statements that are not historical facts, referred
to as "forward looking statements." Actual future results may differ
significantly from those stated in any forward looking statements, depending
on factors such as changes in securities or financial markets or general
economic conditions, the volume of sales and purchases of shares, the
continuation of investment advisory, administration, and service contracts,
and other risks discussed from time to time.

SOURCE Eaton Vance Management

Investors, Jonathan Isaac, +1-617-672-8818, jisaac@eatonvance.com, or Media,
Robyn Tice, +1-617-672-8940, rtice@eatonvance.com, both of Eaton Vance
Management