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

First Trust Advisors L.P. (�FTA�) announced today that First Trust Tax-Advantaged Preferred Income Fund (NYSE Alternext US: FPI), a closed-end fund managed by FTA, intends to redeem $1.9 million of its $9.9 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 Friday, February 27, 2009. The auction rate period is seven days for the Series M Shares. Approximately $8.0 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 $17 billion as of January 31, 2009 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.

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