First Trust Tax-Advantaged Preferred Income Fund Announces Redemption of Outstanding Series M Auction Preferred Shares.

WHEATON, Ill. -- First Trust Tax-Advantaged Preferred Income Fund (NYSE Amex: FPI) (the "Fund"), a closed-end fund managed by First Trust Advisors L.P. ("FTA"), announced today that in connection with the Fund's termination, liquidation and dissolution announced on June 2, 2009, the Fund intends to redeem the remaining $6.0 million of its 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, June 12, 2009. There will be no Series M Shares outstanding following the redemption.

On June 2, 2009, the Fund announced that its Board of Trustees approved and adopted a Plan of Termination, Liquidation and Dissolution (the "Plan") which will result in the termination of FPI in accordance with the laws of the Commonwealth of Massachusetts and the Declaration of Trust of FPI dated March 9, 2006, as amended. As a result of adopting the Plan, the Fund is winding up its affairs and no longer seeks to attain its investment objectives.

Once all the assets of FPI have been liquidated, FPI will establish and will provide notice of a "Record Date," i.e., the date on which common shares of FPI shall cease trading on the NYSE Amex, the transfer books of FPI will close and all certificates representing FPI shares will be deemed canceled. Holders of record of common shares of FPI at the close of business on the Record Date shall be entitled to a distribution of their allocable portion of the trust property of FPI in accordance with the Plan. The Fund expects to make a first and final liquidating distribution in approximately 60 days to holders of common shares of record on the Record Date. As such, the Fund has suspended payment of its regular quarterly distribution for the Fund's common shares.