First Trust Enhanced Equity Income Fund Declares its Quarterly Distribution of $0.285 Per Share

WHEATON, Ill.–(BUSINESS WIRE)–First Trust Enhanced Equity Income Fund (the “Fund”) (NYSE: FFA) has
declared the Fund’s regularly scheduled quarterly distribution of $0.285
per share. The distribution will be payable on June 28, 2019, to
shareholders of record as of June 24, 2019. The ex-dividend date is
expected to be June 21, 2019. The quarterly distribution information for
the Fund appears below.

The Fund’s Board of Trustees has approved a managed distribution policy
for the Fund (the “Plan”) in reliance on exemptive relief received from
the Securities and Exchange Commission which permits the Fund to make
periodic distributions of long-term capital gains more frequently than
otherwise permitted with respect to its common shares subject to certain
conditions. Under the Plan, the Fund intends to pay a quarterly
distribution in the amount of $0.285 per share. A portion of this
quarterly distribution may include long-term capital gains. This may
result in a reduction of the long-term capital gain distribution
necessary at year end by distributing long-term capital gains throughout
the year. The annual distribution rate is independent of the Fund’s
performance during any particular period. Accordingly, you should not
draw any conclusions about the Fund’s investment performance from the
amount of any distribution or from the terms of the Plan.

This distribution will consist of net investment income earned by the
Fund and may also consist of return of capital and/or realized capital
gains. The final determination of the source and tax status of all
distributions paid in 2019 will be made after the end of 2019 and will
be provided on Form 1099-DIV.

The Fund is a diversified, closed-end management investment company that
seeks to provide a high level of current income and gains and, to a
lesser extent, capital appreciation. The Fund seeks to achieve its
investment objective by investing in a diversified portfolio of equity
securities.

First Trust Advisors L.P. (“FTA”) is a federally registered investment
advisor and serves as the Fund’s investment advisor. FTA and its
affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered
broker-dealer, are privately-held companies that provide a variety of
investment services. FTA has collective assets under management or
supervision of approximately $126 billion as of May 31, 2019 through
unit investment trusts, exchange-traded funds, closed-end funds, mutual
funds and separate managed accounts. FTA is the supervisor of the First
Trust unit investment trusts, while FTP is the sponsor. FTP is also a
distributor of mutual fund shares and exchange-traded fund creation
units. FTA and FTP are based in Wheaton, Illinois.

Chartwell Investment Partners, LLC (“Chartwell”) serves as the Fund’s
investment sub-advisor and is an investment firm focusing on
institutional, sub-advisory, and private client relationships. The firm
is a research-based equity and fixed-income manager with a disciplined,
team-oriented investment process. As of May 31, 2019, Chartwell had
approximately $9.4 billion in assets under management.

Past performance is no assurance of future results. Investment return
and market value of an investment in the Fund will fluctuate. Shares,
when sold, may be worth more or less than their original cost. There can
be no assurance that the Fund’s investment objectives will be achieved.
The Fund may not be appropriate for all investors.

Principal Risk Factors: Equity securities prices fluctuate for several
reasons, including changes in investors’ perceptions of the financial
condition of an issuer or the general condition of the relevant stock
market, or when political or economic events affecting the issuers or
their industries occur.

The Fund may write (sell) covered call options on all or a portion of
the equity securities held in the Fund’s portfolio. The use of options
may require the Fund to sell portfolio securities at inopportune times
or for prices other than current market values, may limit the amount of
appreciation the Fund can realize on an investment, or may cause the
Fund to hold an equity security that it might otherwise sell.

There is no guarantee that the issuers of the equity securities in which
the Fund invests will declare dividends in the future or that if
declared they will remain at current levels. There can be no assurance
as to what portion of the distributions paid to the Fund’s Common
Shareholders will consist of tax-advantaged qualified dividend income.

Investment in non-U.S. securities is subject to the risk of currency
fluctuations and to economic and political risks associated with such
foreign countries.

The risks of investing in the Fund are spelled out in the shareholder
report and other regulatory filings.

The information presented is not intended to constitute an investment
recommendation for, or advice to, any specific person. By providing this
information, First Trust is not undertaking to give advice in any
fiduciary capacity within the meaning of ERISA, the Internal Revenue
Code or any other regulatory framework. Financial advisors are
responsible for evaluating investment risks independently and for
exercising independent judgment in determining whether investments are
appropriate for their clients.

The Fund’s daily closing New York Stock Exchange price and net asset
value per share as well as other information can be found at www.ftportfolios.com
or by calling 1-800-988-5891.

Contacts

Contact:
Press Inquiries Jane Doyle 630-765-8775
Analyst
Inquiries Jeff Margolin 630-915-6784
Broker Inquiries Jeff Margolin
630-915-6784