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First Trust/Aberdeen Emerging Opportunity Fund
Declares Initial Level Distribution
First Trust Advisors, L.P.

Lisle, IL, December 12, 2006 — First Trust/Aberdeen Emerging Opportunity Income Fund (the "Fund") (NYSE:FEO) today declared its regularly scheduled quarterly distribution payable on December 29, 2006 to shareholders of record as of December 22, 2006. The ex-dividend date is expected to be December 20, 2006.The Fund ’s current policy is to make level distributions each quarter in the amount of $0.35. The quarterly distribution information for the Fund appears below.

First Trust/Aberdeen Emerging Opportunity Income Fund (FEO)
Distribution per share	$0.35
Distribution Rate based on the December 11, 2006 NAV of $20.62	6.79%
Distribution Rate based on the December 11 , 2006 closing market price of $18.80	7.45%
Distribution Rate based on the IPO price of $20.00	7.00%

The majority of this distribution will be paid out of net investment income earned by the Fund. A portion of this distribution may come from return of capital. The final determination of the source and tax status of all distributions paid in 2006 will be made after the end of 2006.

The Fund is a 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.

First Trust Advisors L.P. acts as the fund's investment advisor and currently manages or supervises approximately $28 billion in assets.

Aberdeen Asset Management Inc. (“Aberdeen”) is the Fund ’s sub-adviser. Aberdeen is a wholly owned subsidiary of Aberdeen Asset Management PLC which is the parent company of an asset management group managing approximately $141.1 billion in assets, including approximately $71.1 billion in global fixed-income securities, for a range of pension funds, financial institutions, investment trusts, unit trusts, offshore funds, charities and private clients.

View more information on First Trust Advisors, LP or other Closed-End Funds.