First Trust High Income Long/Short Fund Increases its Monthly Common Share Distribution to $0.124 Per Share for May

First Trust High Income Long/Short Fund (the “Fund”) (NYSE: FSD) has
increased its regularly scheduled monthly common share distribution to
$0.124 per share from $0.1232 per share. The distribution will be
payable on May 15, 2017, to shareholders of record as of May 3, 2017.
The ex-dividend date is expected to be May 1, 2017. The monthly
distribution information for the Fund appears below.

First Trust High Income Long/Short Fund

Distribution per share:     $0.124
Distribution Rate based on the April 19, 2017 NAV of $17.94: 8.29%
Distribution Rate based on the April 19, 2017 closing market price
of $16.84:
Increase from the previous distribution of $0.1232: 0.65%

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 2017 distributions
will be made after the end of 2017 and will be provided on Form 1099-DIV.

Effective with the monthly distribution declared on February 21, 2017,
and continuing for all distributions declared during the following
eleven months, the Fund’s Board of Trustees approved the commencement of
a distribution policy that provides for the declaration of monthly
distributions to common shareholders of the Fund at an annual minimum
fixed rate of 8.5% based on the Fund’s average monthly NAV per share
over the prior twelve months.

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

First Trust Advisors L.P., 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 $104 billion as of March 31,
2017 through unit investment trusts, exchange-traded funds, closed-end
funds, mutual funds and separate managed accounts.

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 a multi-product, fixed
income investment management firm with approximately $93.9 billion in
assets under management as of March 31, 2017. 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.

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 shareholder
reports and other regulatory filings.

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
or by calling 1-800-988-5891.

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