Market Overview

First Trust Intermediate Duration Preferred & Income Fund Declares its Monthly Common Share Distribution of $0.1425 Per Share for August

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First Trust Intermediate Duration Preferred & Income Fund (the "Fund")
(NYSE:FPF) has declared the Fund's regularly scheduled monthly common
share distribution in the amount of $0.1425 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 Intermediate Duration Preferred
& Income Fund (FPF):

Distribution per share:     $0.1425
Distribution Rate based on the July 18, 2018 NAV of $23.40: 7.31%
Distribution Rate based on the July 18, 2018 closing market price of
$21.46:
7.97%
 

The majority, and possibly all, 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
2018 distributions 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 current income. The Fund has a
secondary objective of capital appreciation. The Fund will seek to
achieve its investment objectives by investing in preferred and other
income-producing securities. Under normal market conditions, the Fund
will invest at least 80% of its Managed Assets in a portfolio of
preferred and other income-producing securities issued by U.S. and
non-U.S. companies, including traditional preferred securities, hybrid
preferred securities that have investment and economic characteristics
of both preferred securities and debt securities, floating rate and
fixed-to-floating rate preferred securities, debt securities,
convertible securities and contingent convertible securities.

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.

Stonebridge Advisors LLC ("Stonebridge"), the Fund's investment
sub-advisor, is a registered investment advisor specializing in
preferred and hybrid securities. Stonebridge was formed in December 2004
by First Trust Portfolios L.P. and Stonebridge Asset Management, LLC.
The company had assets under management or supervision of approximately
$8.8 billion as of June 30, 2018. These assets come from separate
managed accounts, unified managed accounts, unit investment trusts, an
open-end mutual fund, actively managed exchange-traded funds, and the
Fund.

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

Preferred/hybrid and debt securities in which the Fund invests are
subject to various risks, including credit risk, interest rate risk, and
call risk. Credit risk is the risk that an issuer of a security will be
unable or unwilling to make dividend, interest and/or principal payments
when due and that the value of a security may decline as a result.
Credit risk may be heightened for the Fund because it invests in below
investment grade securities, which involve greater risks than investment
grade securities, including the possibility of dividend or interest
deferral, default or bankruptcy. Interest rate risk is the risk that the
value of fixed-rate securities in the Fund will decline because of
rising market interest rates. Call risk is the risk that performance
could be adversely impacted if an issuer calls higher-yielding debt
instruments held by the Fund.

Because the Fund is concentrated in the financials sector, it will be
more susceptible to adverse economic or regulatory occurrences affecting
this sector, such as changes in interest rates, loan concentration and
competition.

Investment in non-U.S. securities is subject to the risk of currency
fluctuations and to economic and political risks associated with such
foreign countries.

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

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

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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