Market Overview

First Trust MLP and Energy Income Fund Declares its Monthly Common Share Distribution of $0.1183 Per Share for August

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First Trust MLP and Energy Income Fund (the "Fund") (NYSE:FEI) has
declared the Fund's regularly scheduled monthly common share
distribution in the amount of $0.1183 per share payable on August 15,
2018, to shareholders of record as of August 2, 2018. The ex-dividend
date is expected to be August 1, 2018. The monthly distribution
information for the Fund appears below.

First Trust MLP and Energy Income Fund (FEI):

Distribution per share:   $0.1183
Distribution Rate based on the July 18, 2018 NAV of $13.03: 10.89%
Distribution Rate based on the July 18, 2018 closing market price of
$13.01:
10.91%
 

It is anticipated that, due to the tax treatment of cash distributions
made by master limited partnerships ("MLPs") in which the Fund invests,
a portion of the distributions the Fund makes to Common Shareholders may
consist of a tax-deferred return of capital. The final determination of
the source and tax status of all distributions paid in 2018 will be made
after the end of 2018 and will be provided on Form 1099-DIV.

The Fund is a non-diversified, closed-end management investment company
that seeks to provide a high level of total return with an emphasis on
current distributions paid to common shareholders. The Fund seeks to
provide its common shareholders with a vehicle to invest in a portfolio
of cash-generating securities, with a focus on investing in
publicly-traded MLPs and MLP-related entities in the energy sector and
energy utilities industries. Under normal market conditions, the Fund
invests at least 85% of its managed assets in equity and debt securities
of MLPs, MLP-related entities and other energy sector and energy
utilities companies. To generate additional income, the Fund expects to
write (or sell) covered call options on up to 35% of its managed assets.
The Fund is treated as a regular corporation, or a "C" corporation, for
United States federal income tax purposes and, as a result, is subject
to corporate income tax to the extent the Fund recognizes taxable income.

First Trust Advisors L.P. ("FTA") is a federally registered investment
advisor and serves as the Fund's investment advisor. FTA and its
affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered
broker-dealer, are privately-held companies that provide a variety of
investment services. FTA has collective assets under management or
supervision of approximately $126 billion as of June 30, 2018 through
unit investment trusts, exchange-traded funds, closed-end funds, mutual
funds and separate managed accounts. FTA is the supervisor of the First
Trust unit investment trusts, while FTP is the sponsor. FTP is also a
distributor of mutual fund shares and exchange-traded fund creation
units. FTA and FTP are based in Wheaton, Illinois.

Energy Income Partners, LLC ("EIP") serves as the Fund's investment
sub-advisor and provides advisory services to a number of investment
companies and partnerships for the purpose of investing in MLPs and
other energy infrastructure securities. EIP is one of the early
investment advisors specializing in this area. As of June 30, 2018, EIP
managed or supervised approximately $6.1 billion in client assets.

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

The Fund is subject to risks, including the fact that it is a
non-diversified closed-end management investment company.

Because the Fund is concentrated in securities issued by MLPs,
MLP-related entities, and other energy and utilities companies, it will
be more susceptible to adverse economic or regulatory occurrences
affecting those industries, including high interest costs, high leverage
costs, the effects of economic slowdown, surplus capacity, increased
competition, uncertainties concerning the availability of fuel at
reasonable prices, the effects of energy conservation policies and other
factors.

The Fund invests in securities of non-U.S. issuers which are subject to
higher volatility than securities of U.S. issuers. Because the Fund
invests in non-U.S. securities, you may lose money if the local currency
of a non-U.S. market depreciates against the U.S. dollar.

Use of leverage can result in additional risk and cost, and can magnify
the effect of any losses.

The information presented is not intended to constitute an investment
recommendation for, or advice to, any specific person. By providing this
information, First Trust is not undertaking to give advice in any
fiduciary capacity within the meaning of ERISA and the Internal Revenue
Code. First Trust has no knowledge of and has not been provided any
information regarding any investor. Financial advisors must determine
whether particular investments are appropriate for their clients. First
Trust believes the financial advisor is a fiduciary, is capable of
evaluating investment risks independently and is responsible for
exercising independent judgment with respect to its retirement plan
clients.

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.

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