First Trust/Gallatin Specialty Finance and Financial Opportunities Fund
Shareholders Approve New Investment Sub-Advisory Agreement
First Trust Advisors, LP


Lisle, IL, February 20, 2008 -- –First Trust Advisors L.P. announced today that the Shareholders of First Trust/Gallatin Specialty Finance and Financial Opportunities Fund (NYSE: FGB) (the “Fund”) have voted to approve a new investment sub-advisory agreement with Gallatin Asset Management Inc. (“Gallatin”). Gallatin was previously a wholly-owned subsidiary of A.G. Edwards, Inc. On May 31, 2007, Wachovia Corp. announced that it had reached an agreement in principle with A.G. Edwards, Inc. under which Wachovia Corp. would acquire A.G. Edwards, Inc. (the “Acquisition”). The Acquisition was completed on October 1, 2007. The consummation of the Acquisition resulted in a change of control of Gallatin, which constituted an “assignment” under federal securities laws of the original investment sub-advisory agreement among the Fund, Gallatin and First Trust Advisors L.P. Accordingly, the Board of Trustees approved an interim sub-advisory agreement with Gallatin effective October 1, 2007, whereby Gallatin would continue to serve as the Fund’s sub-advisor for a maximum period of 150 days. The new sub-advisory agreement approved by Shareholders on February 20, 2008 is substantially similar to the Fund’soriginal sub-advisory agreement with Gallatin.

FGB is a non-diversified closed-end management investment company that seeks to provide a high level of current income and, as a secondary objective, attractive total return. The Fund seeks to achieve its objectives by investing at least 80% of its managed assets in a portfolio of securities of specialty finance and other financial companies that the sub-advisor believes offer attractive opportunities for income and capital appreciation. Under normal market conditions, the Fund will concentrate its investments in securities of companies within industries in the financial sector.

First Trust Advisors L.P. has served as the Fund’s investment advisor since its inception. At January 31, 2008, First Trust Advisors L.P managed or supervised approximately $33 billion in assets.

Gallatin has served as the Fund’s investment sub-advisor since the Fund’s inception. Gallatin provides asset management and advisory services to high net worth individuals and institutional investors. Gallatin had approximately $10.2 billion of assets under management as of January 31, 2008.



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