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PRESS RELEASE                        SOURCE:  First Trust Advisors L.P.

FIRST TRUST ADVISORS L.P. ANNOUNCES PORTFOLIO MANAGER UPDATE CALL FOR
FIRST TRUST HIGH INCOME LONG/SHORT FUND

WHEATON, IL - (BUSINESS WIRE) - December 13, 2010 - First Trust Advisors
L.P. ("FTA") announced today that First Trust High Income Long/Short Fund
(NYSE: FSD) intends to host a conference call with MacKay Shields LLC
("MacKay"), the Fund's investment sub-advisor, on Thursday, December 16,
2010 at 2:00 P.M. Eastern Standard Time. The purpose of the call is to
hear the Fund's portfolio management team provide an update for the
market and the Fund.

--  Dial-in Number: (800) 309-9067; and Passcode # 30770131. Please call
    10 to 15 minutes before the scheduled start of the teleconference.

--  Telephone Replay: (800) 642-1687; and Passcode # 30770131. The
    replay will be available after the call until 11:00 P.M. Eastern
    Standard Time on Thursday, December 30, 2010.

FTA has served as the Fund's investment advisor since the Fund's
inception. FTA, 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 $39 billion as of November 30, 2010 through
closed-end funds, unit investment trusts, mutual funds, separate managed
accounts and exchanged-traded funds.

MacKay Shields LLC ("MacKay") serves as the Fund's investment
sub-advisor. MacKay is an indirect wholly-owned subsidiary of New York
Life Insurance Company and a wholly-owned subsidiary of New York Life
Investment Management Holdings LLC. MacKay is a multi product investment
management firm with approximately $52.7 billion in assets under
management as of November 30, 2010. MacKay manages the following
strategies for institutional clients and retail mutual funds: taxable and
tax-exempt fixed income securities, including high yield, high yield
active core, core plus, emerging market, municipal, investment grade,
convertible securities and international equities.

If you have questions about the Fund that you would like answered on the
call, please email your questions to cefquestions@ftadvisors.com and
refer to FSD. The Fund's daily closing price and net asset value per
share as well as other information can be found at www.ftportfolios.com
or by calling (800) 988-5891.

CONTACT: JEFF MARGOLIN  -  (630) 915-6784

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Source:  First Trust Advisors L.P.