First Trust Announces New Investment Sub-Advisor for FAV

First Trust Advisors L.P. (“FTA”) announced today that the Board of Trustees (“Board”) of First Trust Active Dividend Income Fund

voted to approve Chartwell Investment Partners, L.P. (“Chartwell”) as investment sub-advisor to the Fund, replacing Aviance Capital Management, LLC. Chartwell will begin serving as investment sub-advisor to the Fund pursuant to an interim sub-advisory agreement among the Fund, FTA and Chartwell effective July 1, 2013. The interim sub-advisory agreement will remain in effect for a maximum term of 150 days or, if earlier, until a new sub-advisory agreement with Chartwell is approved by the shareholders of the Fund. A special meeting of FAV shareholders to vote on a proposal to approve a new sub-advisory agreement with Chartwell is expected to be scheduled for September 16, 2013. Any solicitation of proxies by FAV in connection with this shareholder meeting will only be made pursuant to proxy materials filed with the U.S. Securities and Exchange Commission (“SEC”) under applicable federal securities laws. There can be no assurance that the necessary percentage of the shareholders of FAV will vote to approve Chartwell as the new investment sub-advisor. The Board also approved certain changes to the Fund's investment strategies as described briefly below and more fully in the Fund's proxy statement filed with SEC, although such changes do not require shareholder approval. Additionally, the Fund's Board approved a change in the Fund's name to First Trust Dividend and Income Fund, which will be effective July 1, 2013. We do not anticipate that the Fund's ticker symbol or CUSIP will change. The Fund is a diversified, closed-end management investment company that seeks to provide a high level of current income and gains and, to a lesser extent, capital appreciation. The Fund's investment objectives are not changing. The Board of the Fund approved a change in the Fund's investment strategy so that the Fund will invest at least 80% of its managed assets in a diversified portfolio of dividend-paying equity securities, debt securities and senior secured floating rate loans that offer the potential for attractive income and/or capital appreciation. The Fund currently seeks to achieve its investment objectives by investing at least 80% of its managed assets in a diversified portfolio of dividend-paying multi-cap equity securities. These changes will be described more fully in the Fund's proxy statement filed with the SEC, although, as noted above, they do not require shareholder approval. The investment strategy changes are non-fundamental and are to be effective upon 60 days' prior written notice to shareholders, which we anticipate will be on or around September 5, 2013. In addition, the Fund intends to utilize leverage. 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 and financial advisory services, with collective assets under management or supervision of approximately $70 billion as of May 31, 2013, through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separately managed accounts. Chartwell will serve as the Fund's investment sub-advisor and is an employee-owned investment firm focusing on institutional, sub-advisory, and private client relationships. The firm is a research-based equity and fixed-income manager with a disciplined, team-oriented investment process. At May 31, 2013, Chartwell had approximately $6.3 billion in assets under management. In connection with the solicitation of proxies to approve the new sub-advisory agreement, the Fund will file a proxy statement. Because the proxy statement will contain important information, the Fund's shareholders are urged to read the proxy statement and accompanying materials carefully when they receive them. The Fund's shareholders will also be able to obtain copies of these documents and other transaction-related documents, when available, by calling FTA toll-free at 800-621-1675. When filed with the SEC, the proxy statement will be available free of charge at the SEC's website, www.sec.gov. The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of the Fund, nor is it a solicitation of any proxy. The Fund's daily closing New York Stock Exchange 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.