First Trust Tax-Advantaged Preferred Income Fund Decreases Its

Quarterly Distribution to $0.21 Per Share  LISLE, Ill.--(BUSINESS WIRE)--June 09, 2008 First Trust Tax-Advantaged Preferred Income Fund (the "Fund") (AMEX: FPI) today declared its regularly scheduled quarterly distribution payable on June 30, 2008 to shareholders of record as of June 20, 2008. The ex-dividend date is expected to be June 18, 2008. The quarterly distribution information for the Fund appears below.    First Trust Tax-Advantaged Preferred Income Fund (FPI): ---------------------------------------------------------------------- Distribution per share:                                          $0.21 Distribution rate based on the June 6, 2008 NAV of $11.54:       7.28% Distribution rate based on the June 6, 2008 closing market  price of $12.29:                                                6.83% Decrease from previous distribution of $0.30                   -30.00%   -0-    The decrease in the Fund's quarterly distribution is principally in  response to two issuers of securities held by the Fund suspending  their quarterly dividends in the last quarter. On Friday, June 6,  2008, Heartland Financial ("Heartland"), suspended quarterly  dividends on its preferred securities held by the Fund. The Fund  currently holds a total of $6,000,000 aggregate par value of Series B  Fixed-Rate Non-Cumulative Redeemable Perpetual Preferred Shares  ("Heartland Preferred Shares"). Such action by Heartland resulted in  a reduction in the price of the Heartland Preferred Shares, which led  to a significant decline in the Fund's NAV. Primarily as a result of  such event, the Fund's net asset value declined from $13.07 as of  Thursday, June 5, 2008, to $11.54 as of Friday, June 6, 2008, at 4:00  p.m. Eastern Time, an approximate 11.7% reduction. On May 12, 2008,  IndyMac Bancorp, Inc. suspended quarterly dividends on its preferred  securities held by the Fund. The Fund currently holds a total of  $5,000,000 aggregate par value of Fixed-Rate Preferred Shares of  IndyMac Bancorp, Inc. ----------------------------------------------------------------------  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 2008 will be made after the end of 2008.  The Fund is a closed-end management investment company that seeks to provide current income and, to a lesser extent, capital preservation. The Fund seeks to achieve its investment objective by investing at least 80% of its managed assets in preferred securities that the investment sub-advisor believes at the time of investment are eligible to pay dividends that qualify for certain favorable federal income tax treatment as "tax-advantaged" when received by shareholders of the Fund.  First Trust Advisors L.P., the Fund's investment advisor, along with 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 $34 billion as of May 31, 2008 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.  Stonebridge Advisors LLC ("Stonebridge"), the Fund's investment sub-advisor and an affiliate of First Trust Advisors L.P., is a niche asset management firm that manages portfolios of preferred securities as well as customized North American Equities Portfolios for investors. Stonebridge, formed in December 2004, serves as investment advisor or portfolio manager to investment portfolios with approximately $462 million in assets which it managed or supervised as of March 31, 2008. A portion of these assets are contained in investments sponsored by First Trust Portfolios L.P., for which Stonebridge acts as Sub-Portfolio Supervisor.  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. The Fund is exposed to several risks including the following: investment and market risk; management risk; interest rate risk; credit risk; leverage risk; high-yield securities risk; preferred securities risk; illiquid securities risk; financial services sector risk; sub-advisor risk; value investing risk; dividend strategy risk; qualified dividend task risk; equity securities risk; small and medium cap company risk; and non-U.S. securities risk.  The Fund's daily American Stock Exchange closing price and net asset value per share as well as other information can be found at or by calling 1-800-988-5891.  CONTACT: First Trust Tax-Advantaged Preferred Income Fund Press Inquiries: Jane Doyle, 630-241-8775 or Analyst Inquiries: Jeff Margolin, 630-915-6784 or Broker Inquiries: Jeff Margolin, 630-915-6784 
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