Market Overview

First Trust High Income Long/Short Fund Declares its Monthly Common Share Distribution of $0.105 Per Share for September

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First Trust High Income Long/Short Fund (the "Fund") (NYSE:FSD) has
declared the Fund's regularly scheduled monthly common share
distribution in the amount of $0.105 per share payable on September 17,
2018, to shareholders of record as of September 5, 2018. The ex-dividend
date is expected to be September 4, 2018. The monthly distribution
information for the Fund appears below.

First Trust High Income Long/Short Fund
(FSD):

 
Distribution per share: $0.105
Distribution Rate based on the August 17, 2018 NAV of $16.97: 7.42%
Distribution Rate based on the August 17, 2018 closing market price
of $14.84:
8.49%
 

A portion of this distribution may come from net investment income, 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 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.

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 $130 billion as of July 31, 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.

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 an income and equity
solutions investment management firm, specializing in taxable and
municipal fixed income credit and less efficient segments of global
equity markets where proprietary research and unique portfolio
construction techniques can generate attractive client oriented
outcomes. MacKay serves a prominent group of pension funds, government
and financial institutions, family offices, high net worth individuals,
endowments and foundations from across the globe. As of July 31, 2018,
MacKay manages approximately $112.5 billion in 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 Fund invests in non-investment grade debt
instruments, commonly referred to as "high-yield securities". High-yield
securities are subject to greater market fluctuations and risk of loss
than securities with higher ratings. Lower-quality debt tends to be less
liquid than higher-quality debt.

The debt securities in which the Fund invests are subject to certain
risks, including issuer risk, reinvestment risk, prepayment risk, credit
risk, and interest rate risk. Issuer risk is the risk that the value of
fixed-income securities may decline for a number of reasons which
directly relate to the issuer. Reinvestment risk is the risk that income
from the Fund's portfolio will decline if the Fund invests the proceeds
from matured, traded or called bonds at market interest rates that are
below the Fund portfolio's current earnings rate. Prepayment risk is the
risk that, upon a prepayment, the actual outstanding debt on which the
Fund derives interest income will be reduced. 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. Interest rate risk is the risk
that fixed-income securities will decline in value because of changes in
market interest rates.

In times of unusual or adverse market, economic, regulatory or political
conditions, the Fund may not be able, fully or partially, to implement
its short selling strategy. Short selling creates special risks which
could result in increased volatility of returns and may result in
greater gains or greater losses.

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.

The risks of investing in the Fund are spelled out in the prospectus,
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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