First Trust Advisors L.P. (“FTA”) announced today that the Board of Trustees (the “Board”) of First Trust Enhanced Equity Income Fund (the “Fund”), voted to approve a new investment sub-advisory agreement with Chartwell Investment Partners LLC (“Chartwell”), investment sub-advisor to the Fund, subject to shareholder approval. The parent company of Chartwell, TriState Capital Holdings (“TriState”), has signed a definitive agreement to be acquired by Raymond James Financial, Inc. (“Raymond James”), pursuant to which Raymond James will acquire substantially all the assets of TriState for certain compensation (the “Transaction”), subject to regulatory requirements and other customary closing conditions. The closing of the Transaction (“Closing”), which is anticipated to occur during the second quarter of 2022, may operate as an “assignment” (as defined in the Investment Company Act of 1940, as amended) of the Fund’s existing sub-advisory agreement with Chartwell, which may result in the automatic termination of such agreement in accordance with its terms. Therefore, in anticipation of the Closing, the Board approved a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) among the Fund, FTA and Chartwell. The New Sub-Advisory Agreement will be submitted to shareholders of the Fund for approval at a special meeting of shareholders of the Fund that will occur during the first quarter of 2022 and would take effect upon such shareholder approval or the Closing of the Transaction, whichever may occur later. In addition, to avoid any interruption of investment sub-advisory services if the Closing occurs prior to receipt of shareholder approval of the New Sub-Advisory Agreement, the Board approved an interim investment sub-advisory agreement with Chartwell which would be effective upon the Closing and remain in effect for a maximum period of 150 days (“Interim Agreement”). The Interim Agreement and the New Sub-Advisory Agreement would be substantially similar to the Fund’s current investment sub-advisory agreement. The Transaction is not expected to impact the day-to-day operations of the Fund, and the portfolio managers of the Fund will remain the same. There can be no assurance that the necessary percentage of the shareholders of the Fund will vote to approve the new investment sub-advisory agreement.

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 INFRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $216 billion as of November 30, 2021 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 has served as the investment sub-advisor to the Fund since September 14, 2007. Chartwell 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 November 30, 2021, Chartwell had approximately $11.6 billion in assets under management.

This press release contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of FTA and/or Chartwell and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would,” “will” or other words that convey uncertainty of future events or outcomes. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this press release, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of FTA and/or Chartwell and their respective representatives only as of the date hereof. No obligation will be undertaken to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

In connection with the solicitation of proxies to approve the New Sub-Advisory Agreement, the Fund will file a proxy statement. Because the proxy statement will contain important information, the Fund’s shareholders are urged to read the proxy statement and accompanying materials carefully when they receive them. The Fund’s shareholders will also be able to obtain copies of these documents, when available, by calling FTA toll-free at 800-621-1675. When filed with the SEC, the proxy statement will be available free of charge at the SEC’s website, www.sec.gov. This press release does not constitute an offer to sell, nor a solicitation of an offer to buy, shares of the Fund, nor is it a solicitation of any proxy. The Fund, FTA, Chartwell and certain of their respective directors/trustees, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from shareholders in connection with the matters described above. Information about the trustees and officers of the Fund may be found in the Fund’s annual report previously filed with the SEC.

The Fund’s daily closing price and net asset value per share as well as other information can be found at www.ftportfolios.com.

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