First Trust Enhanced Equity Income Fund Decreases its Quarterly Distribution to $0.22 per Share

WHEATON, Ill.--(BUSINESS WIRE)--First Trust Enhanced Equity Income Fund (the "Fund") (NYSE: FFA) today decreased its regularly scheduled quarterly distribution to $0.22 per share from $0.30 per share. The distribution will be payable on June 30, 2009 to shareholders of record as of June 23, 2009. The ex-dividend date is expected to be June 19, 2009. The quarterly distribution information for the Fund appears below.

First Trust Enhanced Equity Income Fund (FFA):
Distribution per share:	$0.22
Distribution rate based on the June 9, 2009 NAV of $10.95:	8.04	%
Distribution rate based on the June 9, 2009 closing market price of $9.12:	9.65	%
Decrease from previous distribution of $0.30 per share:	-26.67	%

The Fund’s distributions are primarily paid from dividends earned by the Fund’s portfolio holdings and premiums received from the Fund’s option overwrite program. The reduction in the quarterly distribution is being made to align it with the current amounts received from these sources.

This distribution will consist of net investment income earned by the Fund and return of capital. The final determination of the source and tax status of all distributions paid in 2009 will be made after the end of 2009.

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., 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, financial advisory services, and municipal and corporate investment banking, with collective assets under management or supervision of over $19 billion as of May 31, 2009 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.

Chartwell Investment Partners, L.P. serves as the Fund’s investment sub-advisor and is an employee-owned 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. At May 31, 2009, Chartwell had approximately $4.0 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: The Fund invests principally in equity securities and writes covered call options on a portion of those equity securities; accordingly the Fund’s NAV will fluctuate with changes in the Fund’s holdings. By writing call options on the equity securities held, the capital appreciation potential of the Fund’s equity securities is limited; however, the potential for capital depreciation remains unlimited. The risks of investing in the Fund are spelled out in the prospectus, shareholder report and other regulatory filings.

The Fund’s daily New York Stock Exchange closing 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.