First Trust/Gallatin Specialty Finance and Financial Opportunities Fund Announces...

First Trust/Gallatin Specialty Finance and Financial Opportunities Fund Announces Resignation of Investment Sub-Advisor, Gallatin Asset Management, Inc.

LISLE, Ill.--(Business Wire)--
First Trust/Gallatin Specialty Finance and Financial Opportunities
Fund (NYSE: FGB) (the "Fund") announced that, effective July 31, 2008,
Gallatin Asset Management, Inc. ("Gallatin"), will no longer serve as
the investment sub-advisor to the Fund. Following recent personnel
changes within the Gallatin equity team, Gallatin conducted an
internal review of capabilities and resources and determined it was in
the best interests of shareholders and Gallatin to resign from the
business. First Trust Advisors L.P. ("First Trust"), the Fund's
investment advisor, is currently evaluating the impact of Gallatin's
resignation on the Fund, and is assessing long-term alternatives to
ensure continuity of portfolio management for the Fund.

The Fund 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 offer attractive opportunities for income and capital
appreciation. Under normal market conditions, the Fund concentrates
its investments in securities of companies within industries in the
financial sector.

First Trust and its affiliate First Trust Portfolios L.P. are
privately-held companies which provide a variety of investment
services, including asset management, financial advisory services, and
municipal and corporate investment banking, with collective assets
under management or supervision of over $34 billion as of May 31, 2008
through closed-end funds, unit investment trusts, mutual funds,
separate managed accounts and exchange-traded funds. Gallatin has
served as the Fund's investment sub-advisor since the Fund's
inception.

First Trust/Gallatin Specialty Finance
and Financial Opportunities Fund
Jeff Margolin, 630-915-6784

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