First Trust/Aberdeen Emerging Opportunity Fund
Increases its Level Distribution to $0.39 per Share
First Trust Advisors, LP

Lisle, IL, September 07, 2007 -- First Trust/Aberdeen Emerging Opportunity Fund (the "Fund") (FEO) today declared its regularly scheduled quarterly distribution payable on September 28, 2007 to shareholders of record as of September 20, 2007. The ex-dividend date is expected to be September 18, 2007. The Fund's current policy is to make level distributions each quarter in the amount of $0.39 per share, and based on the Fund's performance, its level distribution is being increased to $0.39 from $0.35 per share. The quarterly distribution information for the Fund appears below.

First Trust/Aberdeen Emerging Opportunity Fund (FEO):
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Distribution per share:	$  0.39
Distribution rate based on the September 6, 2007 NAV of $21.10:	7.39%
Distribution rate based on the September 6, 2007 closing market  price of $18.20:	8.57%
Increase from the previous distribution of $0.35 per share:	11.43%

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 net short-term realized capital gains or return of capital. The final determination of the source and tax status of all distributions paid in 2007 will be made after the end of 2007.

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 $32 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 $183.7 billion in assets, including approximately $86.3 billion in global fixed-income securities, for a range of pension funds, financial institutions, investment trusts, unit trusts, offshore funds, charities and private clients.

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.

Principal Risk Factors: No operating history, 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. Please see the Fund's prospectus for additional information on the risks of investing in the Fund.

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