First Trust Enhanced Equity Income Fund Issues Notice Regarding March 2019 Distribution

WHEATON, Ill.–(BUSINESS WIRE)–The Board of Trustees of First Trust Enhanced Equity Income Fund (the
“Fund”) (NYSE: FFA), CUSIP 337318109, previously approved a managed
distribution policy for the Fund (the “Managed Distribution 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.

The Fund has declared a distribution payable on March 29, 2019, to
shareholders of record as of March 25, 2019, with an ex-dividend date of
March 22, 2019. This Notice is meant to provide you information about
the sources of your Fund’s distributions. You should not draw any
conclusions about the Fund’s investment performance from the amount of
its distribution or from the terms of its Managed Distribution Plan.

The following tables set forth the estimated amounts of the current
distribution and the cumulative distributions paid this fiscal year to
date for the Fund from the following sources: net investment income
(“NII”); net realized short-term capital gains (“STCG”); net realized
long-term capital gains (“LTCG”); and return of capital (“ROC”). These
estimates are based upon information projected through March 31, 2019,
are calculated based on a generally accepted accounting principles
(“GAAP”) basis and include the prior fiscal year-end undistributed net
investment income. The amounts and sources of distributions are
expressed per common share.

                          5 Yr. Avg.
Annualized Current Annual Total
Fund Fund Fiscal Total Current Current Distribution ($) Current Distribution (%) Dist. Rate as a Return
Ticker Cusip Year End Distribution NII STCG LTCG ROC (2) NII STCG LTCG ROC(2) % of NAV(3) on NAV(4)
FFA (5) 337318109 12/31/2019 $0.28500 $0.09288 $0.19212 32.59% 67.41% 7.31% 8.00%
Total Cumulative Cumulative Fiscal
Fund Fund Fiscal Cumulative Fiscal YTD Cumulative Distributions Fiscal YTD ($) Cumulative Distributions Fiscal YTD (%) Fiscal YTD Distributions as YTD Total Return
Ticker Cusip Year End Distributions(1) NII STCG LTCG ROC (2) NII STCG LTCG ROC(2) a % of NAV(3) on NAV(4)
FFA (5) 337318109 12/31/2019 $0.28500 $0.09288 $0.19212 32.59% 67.41% 1.83% 12.31%
(1)   Includes the most recent monthly distribution paid on March 29, 2019.
(2) The Fund estimates that it has distributed more than its income and
net realized capital gains; therefore, a portion of your
distribution may be a return of capital. A return of capital may
occur, for example, when some or all of the money that you invested
in the Fund is paid back to you. A return of capital distribution
does not necessarily reflect the Fund’s investment performance and
should not be confused with “yield” or “income.”
(3) Based on Net Asset Value (“NAV”) as of February 28, 2019.
(4) Total Returns are through February 28, 2019.
(5) The Fund anticipates that, due to the tax treatment of cash
distributions made by Master Limited Partnerships in which the Fund
invests, a portion of distributions the Fund makes to Common
Shareholders may consist of a tax-deferred return of capital.

The amounts and sources of distributions reported in this Notice are
only estimates and are not being provided for tax reporting purposes.
The actual amounts and sources of the amounts for tax reporting purposes
will depend upon the Fund’s investment experience during the remainder
of its fiscal year and may be subject to changes based on tax
regulations. The Fund will send you a Form 1099-DIV for the calendar
year that will tell you how to report these distributions for federal
income tax purposes. You should not use this Notice as a substitute for
your Form 1099-DIV.

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 $125 billion as of February 28, 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 February 28, 2019, Chartwell had
approximately $9.8 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.

Forward-Looking Statements

Certain statements made in this press release that are not historical
facts are referred to as “forward-looking statements” under the U.S.
federal securities laws. Actual future results or occurrences may differ
significantly from those anticipated in any forward-looking statements
due to numerous factors. Generally, the words “believe,” “expect,”
“intend,” “estimate,” “anticipate,” “project,” “will” and similar
expressions identify forward-looking statements, which generally are not
historical in nature. Forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ from
those anticipated in any forward-looking statements. You should not
place undue reliance on forward-looking statements, which speak only as
of the date they are made. The Fund undertakes no responsibility to
update publicly or revise any forward-looking statements.


Inquiries: Don Swade (630) 765-8661