First Trust/Aberdeen Emerging Opportunity Fund Continues Share Repurchase Program

First Trust/Aberdeen Emerging Opportunity Fund (NYSE: FEO) (the “Fund”), announced today that the Board of Trustees of the Fund has authorized the continuation of the Fund’s share repurchase program which expired on May 17, 2009. Under the authorization, the Fund may purchase up to 12% of its current outstanding common shares (691,412 shares). The share repurchase program will continue until the earlier of (i) the repurchase of up to 12% of the Fund’s current outstanding common shares, or (ii) December 2, 2009. The Board of Trustees authorized the continuation of the share repurchase program with the expectation it would increase shareholder value through the accretive nature of the purchases to the Fund’s net asset value. There is no assurance that the Fund will purchase shares at any particular discount levels or in any specific amounts. There also is no assurance that the market price of the Fund’s shares will increase as a result of any share repurchases.

The Fund is a diversified, closed-end management investment company that seeks to provide a high level of total return. The Fund seeks to achieve its investment objective by investing at least 80% of its managed assets in a diversified portfolio of equity and fixed-income securities of issuers in emerging market countries.

The Fund is exposed to several risks including, but not limited to, the following: Investment and market risk, management risk, emerging markets risk, equity securities risk, fixed-income securities risk, interest rate risk, non-investment grade securities risk, non-U.S. securities risk, government securities risk, non-U.S. government securities risk, currency risk, preferred stock risk, convertible securities risk, asset-backed securities risk, credit linked notes risk, credit default swaps risk, smaller capitalization risk, market discount from net asset value, leverage risk, derivatives risk, portfolio turnover risk, market disruption risk, inflation risk, and illiquid/restricted securities risk.

First Trust Advisors L.P. (“FTA”), 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 $18 billion as of April 30, 2009 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.

Aberdeen Asset Management Inc. (“Aberdeen”) serves as the Fund’s investment sub-advisor. Aberdeen is a wholly owned subsidiary of Aberdeen Asset Management PLC which is the parent company of an asset management group managing approximately $138 billion in assets as of March 31, 2009, including approximately $55.7 billion in global fixed-income securities, for a range of pension funds, financial institutions, investment trusts, unit trusts, offshore funds, charities and private clients.

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.

This press release does not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Forward Looking Statements

Certain statements made in this news 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 the historical experience of FTA and the Fund and their present expectations or projections. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FTA and the Fund undertake no responsibility to update publicly or revise any forward-looking statements.