First Trust Advisors L.P. Announces Partial Redemption of First Trust Tax-Advantaged...

First Trust Advisors L.P. Announces Partial Redemption of First Trust Tax-Advantaged Preferred Income Fund Series M Auction Preferred Shares

LISLE, Ill.--(Business Wire)--
First Trust Advisors L.P. ("FTA") announced today that First Trust
Tax-Advantaged Preferred Income Fund (AMEX: FPI), a closed-end fund
managed by FTA, intends to redeem $2.2 million of its $12.1 million
outstanding Series M Auction Preferred Shares ("Series M Shares"). The
Fund expects to effect such redemption of Series M Shares, subject to
satisfying the notice and other requirements that apply to redemption,
on October 24, 2008. The auction rate period is seven days for the
Series M Shares. Approximately $9.9 million of the Series M Shares
will remain outstanding following the redemption.

The Depository Trust Company ("DTC"), holder of record of the
Series M Shares, determines how a partial series redemption will be
allocated among each participant broker-dealer account. Each
participant broker-dealer, as nominee for underlying beneficial owners
(street name shareholders), in turn determines how redeemed shares are
allocated among its underlying beneficial owners. The procedures used
by different broker-dealers to allocate redeemed shares among
beneficial owners may differ from each other as well as from the
procedures used by DTC.

For additional information about any closed-end fund managed by
FTA, including risks, charges and expenses, please see the fund's
annual and semi-annual shareholder reports or contact your financial
advisor.

FTA and 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 $26 billion as of September
30, 2008 through closed-end funds, unit investment trusts, mutual
funds, separate managed accounts and exchange-traded funds.

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
closed-end funds managed by FTA and its 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
closed-end funds managed by FTA undertake no responsibility to update
publicly or revise any forward-looking statements.

First Trust Advisors L.P.
Jeff Margolin - 630-915-6784
Jim Dykas - 630-322-7665

Copyright Business Wire 2008