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First Trust Strategic High Income Fund II Declares Monthly Distribution
First Trust Advisors, LP

Lisle, IL, August 21, 2006-- First Trust Strategic High Income Fund II (the "Fund") (NYSE: FHY)t oday decl ar ed t he Fund ’s regularly scheduled monthly distribution, payable on September 15, 2006 to shareholders of record as of September 6, 2006. The ex-dividend date is expected to be September 1, 2006. The monthly distribution information for the Fund appears below.

First Trust Strategic High Income Fund II (FHY)
Distribution per share	$0.1667
Distribution Rate based on the August 18, 2006 NAV of $19.49	10.26%
Distribution Rate based on the August 18, 2006 closing market price of $19.98	10.01%

The Fund is a closed-end management investment company that seeks to provide a high level of current income. As a secondary objective, the Fund seeks to provide capital growth. The Fund pursues these investment objectives by investing its managed assets in a diversified portfolio of high income producing securities that the sub-adviser believes offer attractive yield and capital appreciation potential. The fund will employ leverage.

First Trust Advisors L.P. acts as the Fund ’s investment adviser and currently manages or supervises approximately $25 billion in assets.

Valhalla Capital Partners, LLC (“Valhalla”) is a boutique asset management firm focused on managing high-yield portfolios with an emphasis on structured finance securities. The three managing partners have 47 years combined industry experience and the investment team has an average of over 10 years experience in working with high-yield and structured finance securities. Valhalla currently manages approximately $400 million in assets.

View more information on First Trust Advisors, LP or other Closed-End Funds.