First Trust Tax-Advantaged Preferred Income Fund Decreases
Its Quarterly Distribution to $0.15 per Share
First Trust Advisors, LP

Wheaton, IL, December 10, 2008 --  First Trust Tax-Advantaged Preferred Income Fund today decreased its regularly scheduled quarterly common share distribution to $0.15 per share from $0.21 per share. The distribution will be payable on December 31, 2008 to shareholders of record as of December 23, 2008. The ex-dividend date is expected to be December 19, 2008. The quarterly distribution information for the Fund appears below.

Distribution Per Share:	$0.15
Distribution rate based on the December 9, 2008 NAV of $5.35:	11.21%
Distribution rate based on the December 9 closing market price of $3.91:	15.35%
Decrease from previous distribution of $0.21:	28.57%

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 diversified, 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 $17 billion as of November 30, 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.

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 NYSE Alternext US closing price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.