BOSTON, March 12 /PRNewswire-FirstCall/ -- Eaton Vance Insured California Municipal Bond Fund (NYSE Alternext US: EVM), a closed-end investment company, today announced the earnings of the Fund for the three months ended December 31, 2008. The Fund's fiscal year ends on September 30, 2009. For the three months ended December 31, 2008, the Fund had net investment income of $3,905,327 ($0.180 per common share). In comparison, for the three months ended December 31, 2007, the Fund had net investment income of $5,468,836 ($0.253 per common share). From this amount, the Fund paid dividends on preferred shares of $341,457 (equal to $0.016 for each common share), resulting in net investment income after the preferred dividends of $5,127,379, or $0.237 per common share. Net realized and unrealized losses for the three months ended December 31, 2008 were $36,362,611 ($1.678 per common share). In comparison, net realized and unrealized losses for the three months ended December 31, 2007 were $10,426,891 ($0.482 per common share). On December 31, 2008, net assets of the Fund were $208,677,564. The net asset value per share on December 31, 2008 was $9.63 based on 21,672,762 shares outstanding. In comparison, on December 31, 2007, net assets of the Fund applicable to common shares were $308,386,406. The net asset value per common share on December 31, 2007 was $14.25 based on 21,640,290 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 $121.9 billion in assets as of January 31, 2009, 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 http://www.eatonvance.com/. EATON VANCE INSURED CALIFORNIA MUNICIPAL BOND FUND SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Three Months Months Ended Ended December 31, December 31, ----------- ----------- 2008 2007 ---- ---- Net investment income $3,905 $5,469 Net realized and unrealized gains (losses) on investments (36,363) (10,427) Preferred dividends paid from net investment income (1) - (341) Preferred dividends paid from net realized gains (1) - (1,906) ------ ------ Net increase (decrease) in net assets from operations $(32,458) $(7,205) ======== ======= Earnings per Common Share Outstanding ------------------------------------- Net investment income $0.180 $0.253 Net realized and unrealized gains (losses) on investments (1.678) (0.482) Preferred dividends paid from net investment income (1) - (0.016) Preferred dividends paid from net realized gains (1) - (0.088) ------ ------ Net increase (decrease) in net assets from operations $(1.498) $(0.333) ======= ======= Net investment income $0.180 $0.253 Preferred dividends paid from net investment income (1) - (0.016) ------ ------ Net investment income after preferred dividends $0.180 $0.237 ====== ====== Net Asset Value at December 31 (Common Shares) ---------------------------------------------- Net assets $208,678 $308,386 Shares outstanding 21,673 21,640 Net asset value per share outstanding $9.63 $14.25 Market Value Summary (Common Shares) ------------------------------------ Market price on NYSE Alternext US at December 31 $8.00 $13.60 High market price (period ended December 31) $11.60 $14.85 Low market price (period ended December 31) $6.41 $13.40 (1) Beginning in May 2008 through August 2008, the Fund redeemed in full each series of its Auction Preferred Shares. DATASOURCE: Eaton Vance Management CONTACT: Investor Contact of Eaton Vance Management, +1-800-262-1122 Web Site: http://www.eatonvance.com/

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