PRESS RELEASE                                 SOURCE:  First Trust Advisors L.P.


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

WHEATON, IL -- (BUSINESS WIRE) -- March 10, 2017 -- First Trust Advisors L.P.
("FTA") announced today that Confluence Investment Management, LLC
("Confluence"), investment sub-advisor for First Trust Specialty Finance and
Financial Opportunities Fund (NYSE: FGB) (the "Fund"), will release an update on
the market and the Funds for financial advisors and investors. The update will
be available TUESDAY, MARCH 14, 2017, AT 5:00 P.M. EASTERN TIME UNTIL 11:59 P.M.
EASTERN TIME ON THURSDAY, APRIL 13, 2017. To listen to the update, follow these
instructions:

--    Dial: (888) 203-1112; International (719) 457-0820; and Passcode #
      2519926. The update will be available from Tuesday, March 14, 2017, at
      5:00 P.M. Eastern Time until 11:59 P.M. Eastern Time on Thursday, April
      13, 2017.

The Fund is a non-diversified, closed-end management investment company that
seeks to provide a high level of current income. As a secondary objective, the
Fund seeks to provide attractive total return. The Fund pursues these investment
objectives by investing at least 80% of its managed assets in a portfolio of
securities of specialty finance and other financial companies that the Fund's
investment sub-advisor believes offer attractive opportunities for income and
capital appreciation.

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 February 28, 2017 through unit
investment trusts, exchange-traded funds, closed-end funds, mutual funds and
separate managed accounts.

Confluence, an SEC registered investment advisor, serves as the Fund's
investment sub-advisor. The investment professionals at Confluence have over 350
years of combined financial market experience. Confluence provides portfolio
management and advisory services to both institutional and individual clients.
As of December 31, 2016, Confluence managed or supervised $6.1 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: Investment in this Fund involves investment and market
risk; management risk; income risk; specialty finance and other financial
companies risks; preferred securities risk; convertible securities risk;
fixed-income securities risk; lower grade and distressed securities risk;
business development company risk; REIT, mortgage-related and asset-backed
securities risks; infrastructure company risk; master limited partnership risks;
tax risks; non-U.S. securities risk; currency risk; liquidity risk; leverage
risk; non-diversification risk; and market discount from net asset value risk.

Financial Sector Concentration Risk: Under normal market conditions, the Fund
will invest at least 25% of its total assets in securities of companies within
industries in the financial sector. A fund concentrated in a single industry or
group of industries is likely to present more risks than a fund that is broadly
diversified over several industries or groups of industries. Compared to the
broad market, an individual sector may be more strongly affected by changes in
the economic climate, broad market shifts, moves in a particular dominant stock,
or regulatory changes. Specialty Finance and other financial companies in
general are subject to extensive government regulation, which may change
frequently. The profitability of specialty finance and other financial companies
is largely dependent upon the availability and cost of capital funds, and may
fluctuate significantly in response to changes in interest rates, as well as
changes in general economic conditions. From time to time, severe competition
may also affect the profitability of specialty finance and other financial
companies. Financial companies can be highly dependent upon access to capital
markets and any impediments to such access, such as general economic conditions
or a negative perception in the capital markets of a company's financial
condition or prospects could adversely affect its business. Leasing companies
can be negatively impacted by changes in tax laws which affect the types of
transactions in which such companies engage.

Business Development Company ("BDC") Risk: Investments in closed-end funds that
elect to be treated as BDCs may be subject to a high degree of risk. BDCs
typically invest in small and medium-sized private and certain public companies
that may not have access to public equity markets or capital raising. As a
result, a BDC's portfolio could include a substantial amount of securities
purchased in private placements, and its portfolio may carry risks similar to
those of a private equity or venture capital fund. Securities that are not
publicly registered may be difficult to value and may be difficult to sell at a
price representative of their intrinsic value. Investments in BDCs are subject
to various risks, including management's ability to meet the BDC's investment
objective, and to manage the BDC's portfolio when the underlying securities are
redeemed or sold, during periods of market turmoil and as investors' perceptions
regarding a BDC or its underlying investments change. BDC shares are not
redeemable at the option of the BDC shareholder and, as with shares of other
closed-end funds, they may trade in the secondary market at a discount to their
NAV.

Use of leverage can result in additional risk and cost and can magnify the
effect of any losses.

The risks of investing in the Fund are spelled out in the prospectus,
shareholder report and other regulatory filings.

The Fund's daily New York Stock Exchange closing price and net asset value per
share as well as other related information can be found at www.ftportfolios.com
or by calling 1-800-988-5891.

CONTACT: JEFF MARGOLIN - (630) 915-6784


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Source:  First Trust Advisors L.P.