Dear Eastern Virginia Bankshares Shareholder:

As you already know, Eastern Virginia Bankshares has applied and received preliminary approval to participate in the U.S. Treasury Department's TARP Capital Purchase Program. The purpose of this letter is to provide details on this vital program and encourage you to return the required proxy card in time for the shareholders meeting on December 29, 2008.

What is the purpose of the Capital Purchase Program?
The Capital Purchase Program is designed to infuse financially responsible institutions like Eastern Virginia Bankshares with additional capital, further expanding our lending capability so that we can, in turn, provide expanded financial support to our local communities during these economically challenging times.

How does the Capital Purchase Program work?
If we participate in the program to the maximum extent approved by the Treasury, Eastern Virginia Bankshares would receive approximately $24 million in additional capital. In return, the Treasury will receive shares of Eastern Virginia Bankshares senior preferred stock, which will pay a 5% dividend for the first five years after issuance and 9% annually thereafter if they are not redeemed.

Is this some sort of bailout package?
No. While some sensationalist reporters in the media have characterized the Capital Purchase Program as a bailout, it is not. This program is available only to strong financial institutions who qualify. Eastern Virginia Bankshares is well capitalized and has met the program's qualifications for participation.

Why should Eastern Virginia Bankshares participate?
Our role in these troubled times is to affirm to our customers and our communities that Eastern Virginia Bankshares is healthy and strong. By allowing the U.S. Treasury to invest in EVB, we are joining forces with other solvent financial institutions to take a proactive role in planning for our future.

Why do you need my vote?
To take advantage of the Capital Purchase Program, Eastern Virginia Bankshares must amend its Articles of Incorporation to enable the company to issue senior preferred stock. In order to amend the Articles of Incorporation, it is crucial that we have your vote. A special stockholders meeting will be held on December 29, 2008, for this purpose.

Why should I vote for it?
The Capital Purchase Program is a unique opportunity for Eastern Virginia Bankshares, our shareholders, and the communities we serve. Our participation will further strengthen our financial position, giving us more capital to lend where other institutions may have less. By providing a low-cost source of capital, the Capital Purchase Program will allow our banking subsidiary to inject more funds into our communities, helping to stimulate our local economies.

Who else is participating?
According to the Treasury Department, nine of the largest financial institutions in the U.S. have answered the Treasury's call and applied for participation in the program. According to the Richmond Times-Dispatch, 38 state-chartered banks in Virginia have applied.

What do I need to do?
Your proxy material has already been mailed to you. However, for your convenience, we have included another proxy card and return postage-paid envelope. Please sign and submit your proxy card promptly, as all votes will be tallied on or before the shareholders meeting on December 29.

What if I have questions?
If you have any questions about the Capital Purchase Program or Eastern Virginia Bankshares' participation in the program, please contact me at (804) 443-8450, Ron Blevins at (804) 443-8423, or Patricia Gallagher at (804) 443-8449. We will be happy to answer any questions that you may have.