First Trust Advisors L.P. Announces Portfolio Manager Update for First Trust Enhanced Equity Income Fund

First Trust Advisors L.P. (“FTA”) announced today that Chartwell
Investment Partners, LLC (“Chartwell”), investment sub-advisor for First
Trust Enhanced Equity Income Fund (NYSE: FFA) (the “Fund”), will release
an update on the market and the Fund for financial advisors and
investors. The update will be available Tuesday, March 21, 2017, at
5:00 P.M. Eastern Time until 11:59 P.M. Eastern Time on Thursday, April
20, 2017
. To listen to the update, follow these instructions:

— Dial: (888) 203-1112; International (719) 457-0820; and Passcode #
8588703. The update will be available from Tuesday, March 21, 2017, at
5:00 P.M. Eastern Time until 11:59 P.M. Eastern Time on Thursday, April
20, 2017.

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 and by writing (selling) covered call options on a portion of
the equity securities in the fund’s portfolio.

First Trust Advisors L.P., the Fund’s investment advisor, along with its
affiliate, First Trust Portfolios L.P., are privately-held companies
which provide a variety of investment services, including asset
management and financial advisory services, with collective assets under
management or supervision of approximately $104 billion as of February
28, 2017 through unit investment trusts, exchange-traded funds,
closed-end funds, mutual funds and separate managed accounts.

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 February 28, 2017, Chartwell had
approximately $8.2 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.

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.

Use of leverage can result in additional risk and cost, and can magnify
the effect of any losses.

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 prospectus,
shareholder report and other regulatory filings.

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
or by calling (800) 988-5891.

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