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PRESS RELEASE                                 SOURCE:  First Trust Advisors L.P.


FIRST TRUST ADVISORS L.P. ANNOUNCES PORTFOLIO MANAGER UPDATE CALL FOR FIRST
TRUST SPECIALTY FINANCE AND FINANCIAL OPPORTUNITIES FUND

WHEATON, IL -- (BUSINESS WIRE) -- May 23, 2012 -- First Trust Advisors L.P.
("FTA") announced today that First Trust Specialty Finance and Financial
Opportunities Fund (NYSE: FGB) intends to host a conference call with Confluence
Investment Management LLC ("Confluence"), the Fund's investment sub-advisor, on
MONDAY, JUNE 11, 2011, AT 4:15 P.M. EASTERN TIME. The purpose of the call is to
hear the Fund's portfolio management team provide an update for the Fund.

--    Dial-in Number: (866) 865-6631; International (706) 679-1727; and Passcode
      # 78807244. Please call 10 to 15 minutes before the scheduled start of the
      teleconference.

--    Telephone Replay: (800) 585-8367; International (404) 537-3406; and
      Passcode # 78807244. The replay will be available after the call until
      11:59 P.M. Eastern Time on Wednesday, July 11, 2012.

FTA has served as the Fund's investment advisor since the Fund's inception. FTA,
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 over $56 billion as of April 30, 2012 through unit
investment trusts, exchange-traded funds, closed-end funds, mutual funds and
separate managed accounts.

Confluence Investment Management LLC ("Confluence"), an SEC registered
investment advisor, serves as the Fund's investment sub-advisor. The investment
professionals at Confluence have over 80 years of aggregate portfolio management
experience. Confluence provides portfolio management and advisory services to
both institutional and individual clients. As of April 30, 2012, Confluence
managed or supervised over $1.4 billion in assets.

If you have questions about the Fund that you would like answered on the call,
please email your questions to cefquestions@ftadvisors.com and refer to FGB by
Thursday, June 7, 2012, 6:00 P.M. Eastern Time. The Fund's daily closing price
and net asset value per share as well as other information can be found at
www.ftportfolios.com or by calling (800) 988-5891.



CONTACT: JEFF MARGOLIN - (630) 915-6784


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Source:  First Trust Advisors L.P.