The Board of Trustees of First Trust/Aberdeen Emerging Opportunity Fund 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 currently intends to pay a quarterly distribution in the amount of $0.25 per share, which represents the current earnings forecast of the Fund. However, the distribution amount per share could increase or decrease in the future as a result of a change in actual or forecasted earnings.

A portion of this quarterly distribution may include realized capital gains or return of capital. This may result in a reduction of the long-term capital gain distribution necessary at year end by distributing realized capital gains throughout the year. The annual distribution rate is independent of the Fund's performance during any particular period but is expected to correlate with the Fund's performance over time.

Accordingly, user should not draw any conclusions about the Fund's investment performance from the amount of any distribution or from the terms of the Plan. The Fund anticipates declaring its first regularly scheduled quarterly distribution pursuant to the Plan during the first quarter of 2022.