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PRESS RELEASE                                 SOURCE:  First Trust Advisors L.P.

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

WHEATON, IL -- (BUSINESS WIRE) -- August 3, 2015 -- First Trust Advisors L.P.
("FTA") announced today that First Trust High Income Long/Short Fund (NYSE: FSD)
(the "Fund") intends to host a conference call with MacKay Shields LLC
("MacKay"), the Fund's investment sub-advisor, on MONDAY, AUGUST 17, 2015, AT
4:15 P.M. EASTERN 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: Domestic (866) 865-6631; International (706) 679-1727; and
      Passcode # 78885236. Please call 10 to 15 minutes before the scheduled
      start of the teleconference.

--    Telephone Replay: Domestic (855) 859-2056; International (404) 537-3406;
      and Passcode # 78885236. The replay will be available two hours after the
      end of the call until 11:59 P.M. Eastern Time on Thursday, September 17,
      2015.

The Fund is a diversified, closed-end management investment company that seeks
to provide current income. The Fund has a secondary objective of capital
appreciation. The Fund seeks to achieve its investment objectives by investing,
under normal market conditions, a majority of its assets in a diversified
portfolio of U.S. and foreign (including emerging markets) high yield corporate
fixed-income securities of varying maturities that are rated below-investment
grade at the time of purchase.

FTA, 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 and financial advisory services,
with collective assets under management or supervision of approximately $118
billion as of June 30, 2015, through unit investment trusts, exchange-traded
funds, closed-end funds, mutual funds and separate managed accounts.

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, fixed income investment management firm with
approximately $92.8 billion in assets under management as of June 30, 2015.
MacKay manages fixed income strategies for high-net worth individuals,
institutional clients and mutual funds, including unconstrained bond, global
high yield, high yield, high yield active core, municipal high yield, short
duration high yield, low volatility high yield, municipal short term, core
investment grade, municipal investment grade, core plus, core plus
opportunities, convertibles, emerging markets credit, and bank loans.

If you have questions about the Fund that you would like answered on the call,
please email your questions to cefquestions@ftadvisors.com in advance of the
call and refer to FSD, by Thursday, August 13, 2015, 6:00 P.M. Eastern Time.

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.

The Fund is subject to risks. It is designed for long-term investing and not as
a vehicle for trading. Shares of closed-end investment companies frequently
trade at a discount from their net asset value ("NAV"). The Fund cannot predict
whether or when its common shares will trade at, below or above NAV or at, below
or above the initial public offering price.

Below investment-grade securities are commonly referred to as high-yield
securities or "junk" bonds and are considered speculative with respect to the
issuer's capacity to pay interest and repay principal and are susceptible to
default or decline in market value due to adverse economic and business
developments. The market values for high-yield securities tend to be very
volatile, and these securities are generally less liquid than investment-grade
securities.

Principal Risk Factors: Investment in this Fund involves investment and market
risk, management risk, current economic conditions - credit crisis liquidity and
volatility risk, fixed-income securities risk, issuer risk, interest rate risk,
prepayment risk, reinvestment risk, credit and below-investment grade securities
risk, short selling risk, valuation risk, credit rating agency risk, non-U.S.
securities risk, emerging markets risk, currency risk, preferred stock risk,
credit linked notes risk, loan participations and assignments risk, leverage
risk, derivatives risk, credit default swaps risk, U.S. government securities
risk, non-U.S. government debt securities risk, common stock risk, real estate
investment trust ("REIT") risk, asset-backed, mortgage-backed or
mortgage-related securities risk, inflation/deflation risk, new types of
securities risk, counterparty and prime brokerage risk, government intervention
in financial markets risk, portfolio turnover risk, market disruption and
geopolitical risk, illiquid/restricted securities risk, reverse repurchase
agreements risk, repurchase agreements risk, certain affiliations, temporary
defensive strategies risk, and secondary market for the Fund's common shares.

The risks of investing in the Fund are spelled out in the shareholder reports,
and other regulatory filings.

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.