Eaton Vance Michigan Municipal Income Trust (AMEX: EMI), a non-diversified closed-end investment company, today announced the earnings of the Trust for the six months ended May 31, 2006. The Trust's fiscal year ends on November 30, 2006.

For the three months ended May 31, 2006, the Trust had net investment income of $502,494 ($0.238 per share). From this amount, the Trust paid dividends on preferred shares of $138,471 (equal to $0.066 for each common share), resulting in net investment income after the preferred dividend of $364,023, or $0.172 per common share. The Trust's net investment income for the six months ended May 31, 2006 increased to $1,013,549 ($0.479 per share). From this amount, the Trust paid dividends on preferred shares of $259,637 (equal to $0.123 for each common share), resulting in net investment income after preferred dividend of $753,912 or $0.356 per common share. In comparison, for the three months ended May 31, 2005, the Trust had net investment income of $526,112 ($0.249 per share). From this amount, the Trust paid dividends on preferred shares of $93,610 (equal to $0.044 for each common share), resulting in net investment income after the preferred dividend of $432,502, or $0.205 per common share. The Trust net investment income for the six months ended May 31, 2005 increased to $1,063,314 ($0.503 per share). From this amount, the Trust paid dividends on preferred shares of $164,503 (equal to $0.078 for each common share), resulting in net investment income after preferred dividend of $898,811 or $0.425 per common share.

Net realized and unrealized losses for the three months ended May 31, 2006 were $471,815 ($0.228 per common share). The Trust's net realized and unrealized gains for the six months ended May 31, 2006 were $31,762 ($0.010 per common share). In comparison, net realized and unrealized gains for the three months ended May 31, 2005 were $138,023 ($0.071 per common share). The Trust's net realized and unrealized gains for the six months ended May 31, 2005 were $822,043 ($0.395 per common share).

On May 31, 2006, net assets of the Trust applicable to common shares were $31,388,902. The net asset value per common share on May 31, 2006 was $14.83 based on 2,116,294 common shares outstanding. In comparison, on May 31, 2005, net assets of the Trust applicable to common shares were $32,168,460. The net asset value per common share on May 31, 2005 was $15.21 based on 2,115,522 common shares outstanding.

The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp, which is listed on the New York Stock Exchange under the symbol EV. Eaton Vance and its affiliates had approximately $118.5 billion in assets under management on June 30, 2006. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (800) 262-1122. -0- *T EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Six Months Ended May 31, May 31, ------------------ -------------- 2006 2005 2006 2005 ------------------ --------------- Gross investment income $1,326 $683 $1,326 $1,377 Operating expenses (312) (157) (312) (314) ------------------ --------------- Net investment income $1,014 $526 $1,014 $1,063 Net realized and unrealized gains (losses) on investments $32 $138 $32 $822 Preferred dividend paid from net investment income ($260) ($93) ($260) ($164) Net increase (decrease) in net assets from operations $786 $570 $786 $1,721 =================== =============== Earnings per Common Share Outstanding ---------------------------------- Gross investment income $0.627 $0.323 $0.627 $0.651 Operating expenses (0.148) (0.074) (0.148) (0.148) ------------------- --------------- Net investment income $0.479 $0.249 $0.479 $0.503 Net realized and unrealized gains (losses) on investments $0.010 $0.071 $0.010 $0.395 Preferred dividend paid from net investment income ($0.123) ($0.044) ($0.123)($0.078) Net increase (decrease) in net assets from operations $0.366 $0.276 $0.366 $0.820 =================== =============== Net investment income $0.479 $0.249 $0.479 $0.503 Preferred dividend paid from net investment income (0.123) (0.044) (0.123) (0.078) ------------------- --------------- Net investment income after preferred dividend $0.356 $0.205 $0.356 $0.425 =================== =============== Net Asset Value at May 31, (Common Shares) ---------------------------------- Net assets (000) $31,389 $32,168 Shares outstanding (000) 2,116 2,116 Net asset value per share outstanding $14.83 $15.21 Market Value Summary (Common Shares) ---------------------------------- Market price on AMEX at May 31 $13.64 $15.96 High market price (Six Months Ended May 31) $14.20 $17.20 Low market price (Six Months Ended May 31) $13.53 $15.93 *T